The plan charts a future largely absent the input of Puerto Ricans who will be most impacted by its devastating effects.
” to the bankruptcy and a step toward Puerto Rico’s recovery. A quick search of news related to the POA will show headlines peppered with laudatory phrases proclaiming the imminent end of Puerto Rico’s financial woes. It has even been framed as a crucial step towards Puerto Rico’s political and financial sovereignty.
The POA will bring little relief to Puerto Ricans struggling under the weight of crushing austerity in an archipelago that is increasingly geared towards attracting foreign capital., Natalie Jaresko and David Skeel, the executive director and chairman of the Financial Oversight Board, position the POA not only as a resolution to Puerto Rico’s bankruptcy but also its indeterminate political status.
Perhaps the greatest issue with the POA that should not be lost in discussions about whether the plan will lead to a financial recovery for Puerto Rico is that the POA charts a future largely absent the input of the Puerto Ricans who will be most impacted by its devastating effects for generations to come.
Every step in the path to the POA’s confirmation has functioned to further remove decision-making power from the hands of Puerto Ricans. The POA’s failure to listen to, let alone address, Puerto Ricans’ very real concerns contributes to the feelings expressed by many that the debt, the failed disaster recovery and all of the financial chicanery devised to lure millionaires to the archipelago have seemingly combined to create a Puerto Rico without Puerto Ricans.
The Plan of Adjustment provides Puerto Ricans with more uncertainty than resolution, especially since thedoes not resolve — but rather complicates — the relationship between past, present and future obligations. The POA renders impossible a comprehensive debt audit or an economic plan that responds to working people’s needs, all while endorsing illegal debt and failing to hold the individuals and institutions responsible for indebting the public accountable.
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