San Juan, Puerto Rico. The tiny US holding is a nice place for a vacation, but if you live there, you know your in good hands cause the woman who destroyed the Ukraine’s economy and facilitated rampant corruption is handling your bankruptcy case-Natalia Jaresko.
The US territory of Puerto Rico has declared bankruptcy. Natalia Jaresko, the US-born Ukrainian investment banker was once charged with restructuring Ukraine’s economy, but has now been tasked with steering Puerto Rico out of its debt crisis for the amazingly low price of $600,000 plus a year and all expenses.
Puerto Rico filed the biggest municipal bankruptcy in U.S. history earlier this month. In addition to its pension debt, the US territory has around $70 billion in bond debt it cannot pay.
Puerto Rico’s Financial Oversight and Management Board declared a form of bankruptcy in a federal courtroom. The US territory is drowning in over $73 billion in public debt, along with $49 billion in unfunded pension obligations. Supreme Court Justice John Roberts has appointed US District Court Judge Laura Taylor Swain to preside over the complex bankruptcy process.
Since Puerto Rico is not a US state, the territory is not able to take advantage of federal bankruptcy laws, which allow regional authorities to carry out the necessary debt restructuring measures under chapter nine of the bankruptcy code. Instead, Puerto Rico’s bankruptcy case will be dealt with by a federal judge, in accordance with a special procedure approved last year by Congress and the Obama administration, the same people who flooded Ukraine with tax payer bailouts for hundreds of millions in dollars straight down a Kiev toilet and into President Poroshenko and Jaresko’s offshore bank accounts globally.
Puerto Ricans should not be worried, after all during 2015, the single full year of her term in office, Ukraine suffered nearly a 10% drop in GDP (and a 32% drop when measured in dollar terms), a sharp spike in utilities prices – in accordance with IMF advice, rising poverty, the collapse of Ukraine’s currency, and a host of other problems. While in office, the former investment banker also worked on restructuring Ukraine’s debt, while working out a partial write-off of Ukraine’s $18 billion in privately-held government debt. We forgot to mention that $18 billion just disappeared with nobody having any idea where to.
Reporting on Jaresko’s appointment to the post in Puerto Rico, the US main stream media indicated that Jaresko had been tapped in part due to the ‘success’ of her work in Ukraine.