Spanish PDF By Abner Dennis For many years, the pharmaceutical industry has extracted enormous amounts of wealth from Puerto Rico. The companies have secured lucrative tax breaks from local government officials interested in attracting their operations to the island, and as a result pharmaceutical products account for a large share of Puerto Rico’s exports. But as the country faces the COVID-19 pandemic, the pharmaceutical companies – and the tests and reagents they produce – have been nowhere to be found.... Read More

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PDF En Espanol  Pain and Profit – Rosselló is gone but vultures still prey on Puerto Rico Over the past month, Puerto Ricans have risen up in historic numbers to reject the old political and economic order overseen by a corrupt local elite that prioritizes its own interests and Wall Street profits over the Puerto Rican people.... Read More

HedgePapers No. 61: THE GOLDEN REVOLVING DOOR: How A Planned Debt Restructuring Agreement Benefits The Bankers — and Could Block Puerto Rico From Holding Them Legally Accountable Spanish version of the report. Executive Summary An agreement nearing approval as part of Puerto Rico’s debt restructuring process could block many forms of legal accountability for a key set of government officials and bankers that oversaw the creation of the debt – and stick credit unions and municipalities with the tab. The restructuring agreement for $4 billion in Government Development Bank (GDB) debt was negotiated quietly and behind closed doors, as part of PROMESA’s out-of-court Title VI process, by conflicted players – revolving door figures who were previously officials at the GDB, have played some oversight role with respect to the debt, and/or have close ties to financial institutions that have profited from debt issuances over the years. The agreement is now in the voting stage, and will need to secure votes in favor from two-thirds of GDB creditors.... Read More