Are the recent efforts to help Puerto Rico taking away its independence? | The Tylt
Puerto Rico is in the middle of a debt crisis. Earlier this week, the Supreme Court struck down a Puerto Rican law called the Recovery Act, which was intended to allow for Puerto Rico’s utilities to restructure its debt. Puerto Rico is not able to restructure its debt under federal laws for bankruptcy.
This decision comes after the House passed PROMESA, which would establish a federally-appointed control board with sweeping authority over Puerto Rico’s financial policy and debt.
Congress thinks that this is the best way forward. Using tried and true methods of restructuring and fiscal policy, Puerto Rico’s debt crisis can be managed and slowly fixed. There is no easy solution and at least this way bondholders will not lose their investments. Plus, Puerto Rico will be able to keep the lights on. It may not be an easy or quick solution, but it is the only answer thus far.
On the other hand, many Puerto Ricans and critics of the bill are railing against the prospect of a federally-appointed control board that has no Puerto Rican oversight. Keep in mind that Puerto Ricans do not have a voting representative in Congress, nor can they vote for the U.S. president. Because of this, they argue that the control board is a form of colonial control, and is taking away Puerto Rican sovereignty. PROMESA would force upon Puerto Rico a second class status that no other state receives.
What do you think: #NoPROMESA or #YesPROMESA?
Are the recent efforts to help Puerto Rico taking away its independence?