Puerto Rico protests U.S. Fiscal Oversight Board on 10th anniversary

Hundreds of Puerto Ricans took to the streets Tuesday, demanding the removal of the Fiscal Oversight Board (JSF), an entity established a decade ago by the United States to manage the island's debt and finances. The protest, marked by the sounds of plena drums and chants, disrupted traffic in San Juan.

Demonstrators voiced strong opposition to the JSF, chanting slogans like 'The people of Puerto Rico have suffered immensely because of this supposed bankruptcy,' and 'The Board and the rich are selling Puerto Rico.' Eva Prados, from the citizens' commission for the audit of public credit, stated that the board's actions have unfairly burdened the Puerto Rican people with an unpayable debt.

Prados, also a coordinator for the Movimiento Victoria Ciudadana (MVC), highlighted the severe impact of the JSF's budget cuts. She noted the closure of over 500 schools, the displacement of more than 50,000 students, and drastic reductions in university and worker pension budgets, with the University of Puerto Rico's budget cut by half.

Amidst the protests, the JSF announced a proposed $3 billion agreement with bondholders of the state-owned Electric Power Authority (AEE) to resolve the agency's bankruptcy. However, Prados expressed concern about how this debt will be repaid, especially given that Puerto Ricans already face some of the highest electricity rates in the U.S., coupled with an unreliable power system plagued by frequent blackouts.

The JSF, created by the U.S. Congress, aims to ensure fiscal responsibility and access to capital markets for Puerto Rico, which has a debt of $70 billion. The agreement with the AEE remains the final major hurdle in the island's debt restructuring process.