Statement from Borough President Diaz
RE: Hedge Fund Demands on Puerto Rico
“It is a travesty that these hedge fund millionaires want to squeeze a dry sponge, insinuating that Puerto Rico should close down more schools to pay its debts, when earlier this year 100 schools were closed down while another 500 schools were restructured. This does not count an additional 60 schools that were shut down last year.
“They are certainly behaving like vultures, insisting that the residents of the island pay more taxes when those taxes have already been raised in response to the economic crisis. The demands of creditors, which include selling public land and firing teachers among other suggestions that will not resolve this crisis, put considerable pressure on the 3.5 million American citizens that call Puerto Rico their home.
“Such craven behavior shows why it is so important that the federal government allow Puerto Rico the opportunity to file for bankruptcy protections,” said Bronx Borough President Ruben Diaz Jr.