Citizens’ Debt Audit for Puerto Rico
From Grove Harris, TOU UN Representative:
I have enjoyed meeting some awesome activists from Puerto Rico who are organizing a historic citizen’s debt audit. Puerto Rico is crippled by debt, some of which is illegal, and all of which needs to be transparent in its sources, expenses, and uses.
Organizers write that “Citizens debt audits have been conducted in over 18 countries, including Brazil, France and Argentina, and these audits have produced concrete results without government participation. “
Their brochure lists irregularities and illegalities, including violations of the constitution, conflict of interest, excessive profiting, false representation, omission of risk factors and lack of legal authorization.
“Many PR creditors are hedge fund and US financial speculators, who bought bonds cheaply for as little as 5 cents but insist on a total re-payment – some for a return of investment of 1,900%! These are abusive profits for unscrupulous speculative investors in exchange for our public services.”
The video on their website is powerfully inspiring. with diverse citizens calling for debt audit NOW.
The debt crisis, which includes “harsh austerity measures to ensure payment for a legally dubious public debt”, is a human rights issue, as is the environmental pollution, exploitation and privatization.
It is my privilege to listen to courageous women tackling systemic problems, and my responsibility to share their model towards real change, and the request to support it.