The War Against Today Dollar Prices
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As you hearken to Saqib Bhatti and you reside in Puerto Rico, your response to what’s occurring on the ground? What are the banks, and what’s really-how are they liable for this debt? And we only came upon about this, as a result of lots of - lots of - of veterans from all over the country started emailing me and calling me and أسعار الدولار مباشر saying, "Have you seen what’s going on? We’ve seen mass closings of schools. You know, there’s a well being-there may be severe cuts to healthcare at the identical time there’s a Zika outbreak. Postal Service, needed to assist investigators determine which healthcare claims have been most more likely to be fraudulent. We need to ensure, if there’s a PROMESA management board, that they’re not cutting providers further. And so, my organization, the ReFund America Project, we’re truly going to be releasing a sequence of reports over the following couple of months that can look on the different ways in which Wall Street banks actually targeted Puerto Rico with predatory offers, and really calling on the PROMESA control board to be placing the interests of the individuals of Puerto Rico first, to cancel the illegitimate debt so that we will properly fund services. And banks swooped in-banks like Citigroup, Goldman Sachs-and said, "Hey, here’s a deal," despite the fact that they knew that these deals can be actually bad and Puerto Rico would never have the ability to pay them in the long run.
In his wonderful new book, Bad Money, political analyst Kevin Phillips explains how the Clinton and Bush administrations allowed and even aided the unregulated finance trade to create the enormous bubble of largely nugatory securities that is now bursting. JUAN GONZÁLEZ: But now, your report also signifies that these bonds are so worthless that they at the moment are being traded on the secondary market at 14 cents on the dollar, you recognize, 15 cents on the dollar, and that the-now hedge funds are shopping for them up, hoping that even in the event that they get 50 cents on the dollar, they nonetheless make a killing, because on the low charge that they bought them. SAQIB BHATTI: That’s exactly right, that what we’re having is-you understand, there’s a secondary marketplace for bonds, similar to there’s a secondary market for mortgages, where the lender that sells you your mortgage, they package deal it up into a security, they promote it off, and it gets handled.
And so, what happened over there was, because you had the scenario where, you understand, Puerto Rico is a colonial economic system and never in command of its personal funds at the tip of the day, there’s a lot pressure that’s coming from the skin, because those issues couldn’t be resolved. On June twenty ninth, the government-owned Puerto Rico electric company announced its plan to boost by 28 percent the island’s electricity rates, that are already larger than any state but Hawaii. That’s an efficient interest charge of 785 %. And the way these bonds work could be very very like a payday mortgage, the place, because you’re not allowed to pay back the principal or the curiosity for a few years, and over time the curiosity keeps compounding, you find yourself with these astronomical curiosity charges. And at the tip of the 47 years, that $97 million becomes $1 billion that Puerto Rico has to pay again. Meanwhile, even before President Obama has named members of the brand new control board, we’re beginning to be taught just how bondholders are being protected and the folks of Puerto Rico made to suffer. So we are attempting to restructure the debt, and the bondholders haven't been ready to offer us a very good deal within the restructuring of the debt.
The additional cash can be earmarked to pay debt service on up to $9.3 billion in new bonds the corporate, often called PREPA, plans to difficulty to exchange its previous debt. As a part of the restructuring, the utility’s new administrators will come largely from the U.S., and the new bonds will pay an astounding curiosity of 10 %. I believe about 40 p.c of the children reside in poverty. 10 p.c starting next month. And so, a lot of the buyers that at the moment are buying it, which are these vulture hedge funds which are buying at dirt-low prices and making an attempt to make an enormous revenue, income as much as near-up to 2,000 %, if you’re shopping for at 5 percent and planning on trying to gather all 100. I imply, just to put that into perspective, the idea is that there’s something that theoretically on its face is value $1, and I’m going to pay you 5 cents to buy it up.
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