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Author: Colin McManus

Puerto Ricans take to the streets to protest austerity cuts

In many parts of the world, the first day of May is known as May Day, or International Workers’ Day. It has become tradition for laborers to gather on this day to demonstrate and protest the status of workers’ rights. In San Juan, Puerto Rico, hundreds and thousands of protesters and demonstrators gathered peacefully to make their crisis known: high tuition, too many school closings, unemployment, lower pension payments, increased economic devastation after hurricane Maria, and the continuation of “undemocratic” austerity measures.     Many of the demonstrators were students from Puerto Rican schools, such as Carlos Cofino, a political...

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After Oversight Board approves fiscal plan, stage for legal battle set

Staples of the Puerto Rican economy throughout the past decade include high unemployment (over 10%), poverty (60% of children), and insurmountable debts (the government owes $74 billion to bondholders). The inability of the Puerto Rican government to correctly forecast costs and revenues has led to budgets that are inefficient and progress the problems even further. Congress passed the Puerto Rico Oversight, Management, and Economic Stability Act in 2016, which prioritized more accurate forecasts for budgeting and a new structure for debt repayment. This law also goes by the acronym PROMESA, which coincidentally turns out to mean “promise” in Spanish. PROMESA...

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