May
14
Hedge Funds Vie With Puerto Rico Workers Over Getting Paid First
By-
Commonwealth’s pension systems set to go broke this year
-
Island’s $123 billion bankruptcy biggest in municipal history
The message in Puerto Rico is blunt: pay us, not Wall Street.
Anger over the biggest municipal bankruptcy in U.S. history has centered on the urgent question of public pensions. Puerto Rico has promised its workers and retirees $49 billion in benefits, but it’s guaranteed bondholders even more.
The pension system is scheduled to run out of money as soon as July, and many on the island fear, with benefit cuts already under discussion, that the hedge funds who own one-third of the commonwealth’s bonds will wrangle a better deal than ordinary Puerto Ricans…
Hedge Funds Vie With Puerto Rico Workers Over Getting Paid First
