The constitution was drafted by a Constitutional Convention and overwhelmingly ratified by the citizens of Puerto Rico. The US did step in and make changes, but they were unrelated to this.
As I stated, the US interfered. It just didn’t interfere in that part of the constitution. It was only decades later that Puerto Rico even started pilling the debt too high.
It is fantastical to think that people of Puerto Rico decided to encode in their constitution that payments to creditors would be prioritized over their own needs. This is the same pattern we see in many countries US subjugates through institutions like IMF as well. Let’s not blame the victim here.
Honestly, when I read it I’m not sure the Constitutional Convention fully intended what came about. At any rate, Puerto Rico went through a bankruptcy process a few years back that significantly decreased the face value of their debt. At around the same time, the predecessor to this power company was going through its own debt crisis, with billions of dollars in loans with no realistic way to pay them.
Wonder how they ended up with that provision in their constitution.
The constitution was drafted by a Constitutional Convention and overwhelmingly ratified by the citizens of Puerto Rico. The US did step in and make changes, but they were unrelated to this.
Yeah, I’m sure there was absolutely no interference from US in its colony that US continues to cling to today.
As I stated, the US interfered. It just didn’t interfere in that part of the constitution. It was only decades later that Puerto Rico even started pilling the debt too high.
It is fantastical to think that people of Puerto Rico decided to encode in their constitution that payments to creditors would be prioritized over their own needs. This is the same pattern we see in many countries US subjugates through institutions like IMF as well. Let’s not blame the victim here.
Honestly, when I read it I’m not sure the Constitutional Convention fully intended what came about. At any rate, Puerto Rico went through a bankruptcy process a few years back that significantly decreased the face value of their debt. At around the same time, the predecessor to this power company was going through its own debt crisis, with billions of dollars in loans with no realistic way to pay them.
In a sovereign country they would’ve been nationalized.
The predecessor to this power company? That entity was government owned.
Weird how every country subjugated by US is forced to privatize all their national assets.