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.
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.