WEBVTT

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>> Reporter: ALONG THE STREETS

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OF SAN JUAN, PUERTO RICO,

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GRAFFITI READING "NO MORE ABUSE"

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AND "FASCISM IN PUERTO RICO" ARE

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A WINDOW INTO THE UNREST SPARKED

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BY THE LARGEST FINANCIAL CRISIS

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IN THE ISLAND'S HISTORY.

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SINCE JANUARY, THOUSANDS HAVE

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PROTESTED AUSTERITY MEASURES AND

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CUTS TO PUBLIC SERVICES IMPOSED

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ON THIS U.S. TERRITORY THAT'S

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HOME TO 3.4 MILLION U.S.

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CITIZENS.

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BUT PUERTO RICO CURRENTLY OWES

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CREDITORS A MASSIVE $72-BILLION

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DOLLARS.

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LAST YEAR, FOLLOWING A SERIES OF

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DEFAULTS ON DEBT PAYMENTS,

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CONGRESS PASSED, AND PRESIDENT

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OBAMA SIGNED, THE PUERTO RICO

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OVERSIGHT MANAGEMENT AND

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ECONOMIC STABILITY ACT, OR

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"PROMESA," WHICH MEANS "PROMISE"

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IN SPANISH.

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THE LAW GAVE A FINANCIAL

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OVERSIGHT BOARD VETO POWER OVER

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PUERTO RICO'S BUDGET AND

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PROVIDED A PROCESS TO

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RESTRUCTURE THE DEBT.

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DID YOU REALIZE WHAT YOU WERE

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GETTING YOURSELF INTO?

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>> I DID NOT.

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>> Reporter: JOSE CARRION, WHO

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RUNS A LARGE INSURANCE BROKERAGE

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IN SAN JUAN, CHAIRS THE

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APPOINTED SEVEN MEMBER BOARD.

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>> THE BUDGET WAS UNBALANCED BY

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AROUND $3-BILLION DOLLARS.

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SO WE HAD TO BEGIN GETTING OUR

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FISCAL AFFAIRS IN ORDER, AND

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THAT ENTAILED DIFFICULT

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DECISIONS AS TO, YOU KNOW, MAJOR

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SPENDING.

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>> Reporter: THOSE DIFFICULT

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DECISIONS INCLUDED CUTS TO

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PENSION PAYMENTS FOR RETIRED

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GOVERNMENT WORKERS, REDUCING

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SPENDING ON HEALTHCARE, CLOSING

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179 PUBLIC SCHOOLS AND REDUCING

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THE GOVERNMENT WORKFORCE.

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SINCE 2013, NEARLY 30,000

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GOVERNMENT WORKERS HAVE LOST

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THEIR JOBS.

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ROXANA PEREZ HAD WORKED AS AN

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ADMINISTRATIVE ASSISTANT FOR THE

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POLICE DEPARTMENT IN CAROLINA, A

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TOWN OUTSIDE OF SAN JUAN.

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>> (<i>translated</i>): I LOVE

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SERVING MY COUNTRY.

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>> Reporter: SHE'S NOW LOOKING

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FOR A NEW JOB, BUT IT'S NOT

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EASY.

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THE UNEMPLOYMENT RATE IN PUERTO

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RICO IS 11%, TWO-AND-A-HALF

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TIMES THE U.S. RATE.

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I ASKED WHETHER SHE WAS WORRIED

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THE POSITION COULD BE CUT, GIVEN

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THE DEBT CRISIS.

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>> (<i>translated</i>): I HAD FAITH

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THAT MAYBE THERE WOULD BE AN

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OPPORTUNITY TO CONTINUE.

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THERE IS A REAL NEED FOR CIVIL

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EMPLOYEES HERE AT THE PUERTO

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RICAN POLICE, BELIEVE ME.

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>> Reporter: THIS SPRING,

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STUDENTS AND FACULTY PROTESTED A

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PROPOSED $450-MILLION DOLLAR

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BUDGET CUT TO THE UNIVERSITY

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SYSTEM OVER THE NEXT FOUR YEARS.

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ARCHITECTURE STUDENT MINETTE

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BONILLA WAS PART OF A DELEGATION

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THAT MET WITH THE FISCAL

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OVERSIGHT BOARD.

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>> WE ASKED THEM POINT BLANK,

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"DO YOU KNOW WHAT THE

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CONSEQUENCES WILL BE OF THOSE

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CUTS? DO YOU KNOW WHAT THE

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CONSEQUENCES WILL BE FOR

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STUDENTS AND THEIR ACCESSIBILITY

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TO EDUCATION?"

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"WE HAVEN'T DONE THOSE STUDIES."

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SO THEY'RE JUST CUTTING OUT OF

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SHEER NUMBERS WITHOUT KNOWING

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ANY IMPLICATIONS FOR THE PEOPLE

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THAT ARE SUFFERING THOSE CUTS.

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>> Reporter: MORE BROADLY,

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STUDENTS ALSO WANT A THOROUGH

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AUDIT OF THE ISLAND'S PUBLIC

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DEBT BY AN INDEPENDENT BODY.

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BUT ABOVE ALL, STUDENTS LIKE

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MARIO GONZALEZ NEVARES ARE

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CRITICAL OF THE PROMESA LAW,

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WHICH CREATED THE BOARD IN THE

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FIRST PLACE.

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>> PROMESA IS THE EXAMPLE OF

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COLONIALISM IN THE 21ST CENTURY.

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THIS LAW WAS CREATED

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UNILATERALLY BY THE U.S.

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CONGRESS, AND IT WAS IMPOSED

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OVER PUERTO RICO. AND IT'S ONLY,

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ONLY REASON TO EXIST IS TO MAKE

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SURE THE BONDHOLDERS ARE PAID.

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>> Reporter: PUERTO RICO'S $72-

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BILLION DOLLAR DEBT IS OWED TO

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BONDHOLDERS, OR CREDITORS, WHO

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BOUGHT BONDS THAT FINANCED THE

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ISLAND'S GOVERNMENT.

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THAT INCLUDES LARGE INVESTORS

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LIKE MUTUAL FUNDS AND HEDGE

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FUNDS ON THE U.S. MAINLAND, AS

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WELL AS LOCAL PUERTO RICANS.

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THERE ARE THOSE ON THE ISLAND

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WHO BELIEVE THAT THE BOARD IS

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MORE CLOSELY ALIGNED TO THE

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NEEDS OF THE CREDITORS, HOW DO

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YOU RESPOND TO THOSE CRITICISMS?

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>> I DON'T CONSIDER MYSELF

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BEHOLDEN TO ANY PARTICULAR

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BONDHOLDER CLASS.

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WE'RE TRYING TO DO THE BEST WE

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CAN UNDER EXTREMELY DIFFICULT

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CIRCUMSTANCES, BUT THE REALITY

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IS THAT WE'RE TAKING EVERYTHING

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AND EVERYBODY INTO CONSIDERATION

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AND TRYING TO BALANCE ALL THOSE

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INTERESTS.

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>> Reporter: BUT BONDHOLDERS ARE

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WORRIED.

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RAFAEL ROJO IS A SAN JUAN REAL

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ESTATE DEVELOPER AND CHAIRMAN OF

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BONISTAS DEL PATIO, A GROUP

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REPRESENTING SOME OF THE 60,000

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PUERTO RICAN BONDHOLDERS.

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HE ESTIMATES THEY'RE OWED $15-

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BILLION DOLLARS.

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>> BEHIND WALL STREET, THERE'S A

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LOT OF INDIVIDUAL PEOPLE WHO

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HAVE THEIR SAVINGS IN THESE

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INSTRUMENTS.

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>> Reporter: ROJO IS ALARMED BY

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THE PUERTO RICAN GOVERNMENT'S

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PLAN TO PAY BACK LESS THAN A

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QUARTER OF THE DEBT IT OWES OVER

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THE NEXT DECADE.

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>> IT'S QUITE CLEAR, AND IT'S

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SCIENTIFICALLY IMPOSSIBLE TO SAY

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OTHERWISE, IT IS THE BONDHOLDERS

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WHO HAVE BEEN TARGETED AS THE

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ONES WHO ARE GOING TO PAY FOR

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THE CRISIS.

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AND I THINK THAT'S A HUGE

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MISTAKE.

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>> Reporter: HE'D LIKE TO SEE

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THE SIZE OF PUERTO RICO'S

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GOVERNMENT SHRUNK EVEN MORE, AND

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THE 78 SEPARATE MUNICIPALITIES

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ON THE ISLAND CONSOLIDATE THEIR

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SERVICES.

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THE OVERSIGHT BOARD FORECASTS

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THE ISLAND'S ECONOMY WILL

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CONTINUE TO SHRINK THROUGH 2021

04:47.566 --> 04:49.933 align:left position:10%,start line:89% size:80%
BEFORE STARTING TO GROW.

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YET OUTSIDE ECONOMISTS, SUCH AS

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NOBEL LAUREATE JOSEPH STIGLITZ,

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WARN THE BOARD'S AUSTERITY

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MEASURES WILL ALL BUT GUARANTEE

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A SOCIAL AS WELL AS AN ECONOMIC

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CATASTROPHE.

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ARE THERE EXAMPLES OF ECONOMIES

05:02.700 --> 05:04.200 align:left position:10%,start line:89% size:80%
ELSEWHERE IN THE WORLD THAT HAVE

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EVENTUALLY GROWN UNDER

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AUSTERITY?

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>> PUERTO RICO'S SITUATION IS

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VERY SPECIFIC.

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IT IS UNLIKE GREECE IN THAT IT

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IS NOT A SOVEREIGN NATION.

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IF FOLKS HERE DO NOT CARE FOR

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WHAT'S GOING ON, THEY WILL MOVE

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OFF ISLAND.

05:19.933 --> 05:21.800 align:left position:10%,start line:89% size:80%
COMPARISONS ARE DIFFICULT IN

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LIGHT OF PUERTO RICO'S

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TERRITORIAL SITUATION.

05:24.400 --> 05:25.266 align:left position:10%,start line:89% size:80%
>> Reporter: PUERTO RICO HAS

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BEEN UNDER U.S. CONTROL SINCE

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THE END OF THE SPANISH-AMERICAN

05:28.266 --> 05:30.466 align:left position:10%,start line:89% size:80%
WAR IN 1898, AND IN 1947 WAS

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GRANTED AN ELECTED GOVERNMENT.

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BUT AS AN UNINCORPORATED

05:35.033 --> 05:37.033 align:left position:10%,start line:89% size:80%
TERRITORY, THE U.S. CONGRESS IN

05:37.033 --> 05:38.533 align:left position:10%,start line:89% size:80%
WASHINGTON CAN OVERRIDE THE

05:38.533 --> 05:40.100 align:left position:10%,start line:89% size:80%
ISLAND'S LAWS, AND PUERTO RICANS

05:40.100 --> 05:41.900 align:left position:10%,start line:89% size:80%
CANNOT VOTE FOR PRESIDENT AND

05:41.900 --> 05:42.766 align:left position:10%,start line:89% size:80%
HAVE NO VOTING REPRESENTATION IN

05:42.766 --> 05:44.933 align:left position:10%,start line:89% size:80%
CONGRESS.

05:44.933 --> 05:46.466 align:left position:10%,start line:89% size:80%
THE APPOINTMENT OF A FISCAL

05:46.466 --> 05:48.233 align:left position:10%,start line:89% size:80%
CONTROL BOARD AND THE EFFECT OF

05:48.233 --> 05:50.400 align:left position:10%,start line:89% size:80%
AUSTERITY MEASURES ON THE ISLAND

05:50.400 --> 05:52.066 align:left position:10%,start line:89% size:80%
HAVE RE-IGNITED A DECADES-OLD

05:52.066 --> 05:53.400 align:left position:10%,start line:89% size:80%
DEBATE REGARDING PUERTO RICO'S

05:53.400 --> 05:54.533 align:left position:10%,start line:89% size:80%
RELATIONSHIP TO THE UNITED

05:54.533 --> 05:55.800 align:left position:10%,start line:89% size:80%
STATES.

05:55.800 --> 05:57.433 align:left position:10%,start line:89% size:80%
MANY PEOPLE HERE, INCLUDING THE

05:57.433 --> 05:59.700 align:left position:10%,start line:89% size:80%
GOVERNOR, BELIEVE A SOLUTION TO

05:59.700 --> 06:01.533 align:left position:10%,start line:89% size:80%
THE ECONOMIC CRISIS WILL NEVER

06:01.533 --> 06:03.333 align:left position:10%,start line:89% size:80%
BE FOUND UNLESS THE TERRITORY'S

06:03.333 --> 06:04.800 align:left position:10%,start line:89% size:80%
POLITICAL STATUS IS RESOLVED

06:04.800 --> 06:07.466 align:left position:10%,start line:89% size:80%
ONCE AND FOR ALL.

06:07.466 --> 06:08.766 align:left position:10%,start line:89% size:80%
>> THE VOICE OF THE PUERTO RICAN

06:08.766 --> 06:09.800 align:left position:10%,start line:89% size:80%
PEOPLE WAS LOUD AND CLEAR.

06:09.800 --> 06:11.833 align:left position:10%,start line:89% size:80%
>> Reporter: LAST MONTH, 97% OF

06:11.833 --> 06:13.333 align:left position:10%,start line:89% size:80%
PUERTO RICANS VOTED FOR THE

06:13.333 --> 06:15.200 align:left position:10%,start line:89% size:80%
TERRITORY TO BECOME THE 51ST

06:15.200 --> 06:16.900 align:left position:10%,start line:89% size:80%
U.S. STATE IN A REFERENDUM

06:16.900 --> 06:18.400 align:left position:10%,start line:89% size:80%
ORGANIZED BY THE ISLAND'S PRO-

06:18.400 --> 06:20.733 align:left position:10%,start line:89% size:80%
STATEHOOD GOVERNOR.

06:20.733 --> 06:21.933 align:left position:10%,start line:89% size:80%
YET ONLY 23% OF ELIGIBLE VOTERS

06:21.933 --> 06:24.566 align:left position:10%,start line:89% size:80%
TURNED OUT.

06:24.566 --> 06:26.266 align:left position:10%,start line:89% size:80%
THE VOTE WAS HEAVILY BOYCOTTED

06:26.266 --> 06:28.000 align:left position:10%,start line:89% size:80%
BY THOSE FAVORING INDEPENDENCE

06:28.000 --> 06:29.100 align:left position:10%,start line:89% size:80%
AND THE STATUS QUO OF REMAINING

06:29.100 --> 06:30.933 align:left position:10%,start line:89% size:80%
A COMMONWEALTH.

06:30.933 --> 06:32.666 align:left position:10%,start line:89% size:80%
IT'S UP TO CONGRESS TO RATIFY

06:32.666 --> 06:34.233 align:left position:10%,start line:89% size:80%
STATEHOOD, BUT PREVIOUS

06:34.233 --> 06:36.233 align:left position:10%,start line:89% size:80%
REFERENDA HAVE BEEN IGNORED, AND

06:36.233 --> 06:37.500 align:left position:10%,start line:89% size:80%
THE CURRENT MOVEMENT HAS SCANT

06:37.500 --> 06:39.633 align:left position:10%,start line:89% size:80%
SUPPORT ON CAPITOL HILL.

06:39.633 --> 06:41.266 align:left position:10%,start line:89% size:80%
>> IF WE'RE AMERICAN CITIZENS,

06:41.266 --> 06:42.866 align:left position:10%,start line:89% size:80%
WE SHOULD STRIVE TO HAVE FIRST-

06:42.866 --> 06:46.433 align:left position:10%,start line:89% size:80%
CLASS TREATMENT IN PUERTO RICO.

06:46.433 --> 06:47.500 align:left position:10%,start line:89% size:80%
>> Reporter: FORMER PUERTO RICAN

06:47.500 --> 06:48.866 align:left position:10%,start line:89% size:80%
SECRETARY OF STATE KENNETH

06:48.866 --> 06:50.566 align:left position:10%,start line:89% size:80%
McCLINTOCK IS PRESIDENT OF

06:50.566 --> 06:51.933 align:left position:10%,start line:89% size:80%
EQUALITY FOR PUERTO RICO", A

06:51.933 --> 06:54.066 align:left position:10%,start line:89% size:80%
PRO-STATEHOOD LOBBY GROUP.

06:54.066 --> 06:56.000 align:left position:10%,start line:89% size:80%
>> ONCE WE MOVE TO ORLANDO, OR

06:56.000 --> 06:57.533 align:left position:10%,start line:89% size:80%
NEW YORK, OR TEXAS, OR NORTH

06:57.533 --> 06:58.866 align:left position:10%,start line:89% size:80%
CAROLINA, WE'RE TREATED AS FIRST

06:58.866 --> 07:01.000 align:left position:10%,start line:89% size:80%
CLASS CITIZENS.

07:01.000 --> 07:02.100 align:left position:10%,start line:89% size:80%
WE HAVE THE RIGHT TO VOTE, WE

07:02.100 --> 07:03.300 align:left position:10%,start line:89% size:80%
HAVE THE RIGHT TO CONGRESSIONAL

07:03.300 --> 07:04.466 align:left position:10%,start line:89% size:80%
REPRESENTATION, WE HAVE THE

07:04.466 --> 07:05.233 align:left position:10%,start line:89% size:80%
RIGHT TO PARTICIPATE IN EVERY

07:05.233 --> 07:07.266 align:left position:10%,start line:89% size:80%
FEDERAL PROGRAM.

07:07.266 --> 07:08.466 align:left position:10%,start line:89% size:80%
>> Reporter: McCLINTOCK BELIEVES

07:08.466 --> 07:09.800 align:left position:10%,start line:89% size:80%
PUERTO RICO'S TERRITORY STATUS

07:09.800 --> 07:11.766 align:left position:10%,start line:89% size:80%
LED TO THE CRISIS, IN PART,

07:11.766 --> 07:13.466 align:left position:10%,start line:89% size:80%
BECAUSE PAST GOVERNMENTS WERE

07:13.466 --> 07:15.300 align:left position:10%,start line:89% size:80%
FORCED TO BORROW FOR ESSENTIAL

07:15.300 --> 07:16.100 align:left position:10%,start line:89% size:80%
SERVICES LIKE ROADS AND HEALTH

07:16.100 --> 07:17.700 align:left position:10%,start line:89% size:80%
CARE.

07:17.700 --> 07:18.966 align:left position:10%,start line:89% size:80%
FOR EXAMPLE, PUERTO RICO

07:18.966 --> 07:20.600 align:left position:10%,start line:89% size:80%
RECEIVES MUCH LESS FEDERAL

07:20.600 --> 07:21.500 align:left position:10%,start line:89% size:80%
FUNDING FOR MEDICAID THAN U.S.

07:21.500 --> 07:23.600 align:left position:10%,start line:89% size:80%
STATES DO.

07:23.600 --> 07:25.466 align:left position:10%,start line:89% size:80%
>> THE TRUTH IS THAT THERE WILL

07:25.466 --> 07:27.533 align:left position:10%,start line:89% size:80%
NOT BE A STABLE FISCAL

07:27.533 --> 07:28.966 align:left position:10%,start line:89% size:80%
SITUATION, ECONOMIC SITUATION IN

07:28.966 --> 07:30.566 align:left position:10%,start line:89% size:80%
PUERTO RICO, UNTIL THERE'S

07:30.566 --> 07:32.766 align:left position:10%,start line:89% size:80%
ECONOMIC GROWTH.

07:32.766 --> 07:34.733 align:left position:10%,start line:89% size:80%
AND THERE WILL NOT BE A HEALTHY

07:34.733 --> 07:35.733 align:left position:10%,start line:89% size:80%
ECONOMIC GROWTH RATE UNTIL THERE

07:35.733 --> 07:39.733 align:left position:10%,start line:89% size:80%
IS EQUALITY.

07:39.733 --> 07:41.500 align:left position:10%,start line:89% size:80%
>> I'M ONE OF THE PEOPLE THAT

07:41.500 --> 07:42.966 align:left position:10%,start line:89% size:80%
BELIEVE THAT WE SHOULD

07:42.966 --> 07:44.233 align:left position:10%,start line:89% size:80%
DEFINITELY ATTEND TO THE ISSUE

07:44.233 --> 07:46.333 align:left position:10%,start line:89% size:80%
OF STATUS.

07:46.333 --> 07:47.366 align:left position:10%,start line:89% size:80%
BUT IT'S NOT A MAGIC WAND THAT

07:47.366 --> 07:48.366 align:left position:10%,start line:89% size:80%
WILL RESOLVE ALL OF OUR

07:48.366 --> 07:50.166 align:left position:10%,start line:89% size:80%
PROBLEMS.

07:50.166 --> 07:51.300 align:left position:10%,start line:89% size:80%
>> Reporter: MANUEL NATAL, A

07:51.300 --> 07:52.733 align:left position:10%,start line:89% size:80%
REPRESENTATIVE IN PUERTO RICO'S

07:52.733 --> 07:54.466 align:left position:10%,start line:89% size:80%
OWN LEGISLATURE, FAVORS

07:54.466 --> 07:55.766 align:left position:10%,start line:89% size:80%
REMAINING A COMMONWEALTH WITH

07:55.766 --> 07:58.000 align:left position:10%,start line:89% size:80%
MORE ECONOMIC SOVEREIGNTY.

07:58.000 --> 07:59.833 align:left position:10%,start line:89% size:80%
FOR EXAMPLE, HE'D LIKE CONGRESS

07:59.833 --> 08:01.833 align:left position:10%,start line:89% size:80%
TO REPEAL THE CENTURY-OLD LAW

08:01.833 --> 08:03.633 align:left position:10%,start line:89% size:80%
THAT REQUIRES ALL IMPORTS TO

08:03.633 --> 08:05.333 align:left position:10%,start line:89% size:80%
ARRIVE ON AMERICAN MADE AND

08:05.333 --> 08:07.166 align:left position:10%,start line:89% size:80%
MANNED SHIPS, WHICH MAKES ALL

08:07.166 --> 08:09.633 align:left position:10%,start line:89% size:80%
FOOD AND GOODS MORE EXPENSIVE.

08:09.633 --> 08:11.533 align:left position:10%,start line:89% size:80%
>> THE TOOLS THAT WE HAVE TO

08:11.533 --> 08:13.533 align:left position:10%,start line:89% size:80%
ACHIEVE ECONOMIC DEVELOPMENT IN

08:13.533 --> 08:15.466 align:left position:10%,start line:89% size:80%
PUERTO RICO, ONE CONGRESS MIGHT

08:15.466 --> 08:16.600 align:left position:10%,start line:89% size:80%
GIVE IT TO YOU, ANOTHER CONGRESS

08:16.600 --> 08:18.466 align:left position:10%,start line:89% size:80%
MIGHT TAKE IT AWAY.

08:18.466 --> 08:19.500 align:left position:10%,start line:89% size:80%
>> Reporter: BUT FOR SOME ON THE

08:19.500 --> 08:21.133 align:left position:10%,start line:89% size:80%
ISLAND, THE SOLUTION FOR PUERTO

08:21.133 --> 08:22.466 align:left position:10%,start line:89% size:80%
RICO IS SEPARATING FROM THE U.S.

08:22.466 --> 08:26.033 align:left position:10%,start line:89% size:80%
AND BECOMING A SOVEREIGN NATION.

08:26.033 --> 08:28.666 align:left position:10%,start line:89% size:80%
>> PUERTO RICO IS A LATIN

08:28.666 --> 08:29.833 align:left position:10%,start line:89% size:80%
AMERICAN, CARIBBEAN NATIONALITY

08:29.833 --> 08:31.800 align:left position:10%,start line:89% size:80%
WITH ITS OWN IDENTITY.

08:31.800 --> 08:32.900 align:left position:10%,start line:89% size:80%
>> Reporter: PUERTO RICAN

08:32.900 --> 08:34.100 align:left position:10%,start line:89% size:80%
SENATOR JUAN DELMAU LEADS THE

08:34.100 --> 08:35.133 align:left position:10%,start line:89% size:80%
PUERTO RICAN INDEPENDENCE PARTY,

08:35.133 --> 08:38.566 align:left position:10%,start line:89% size:80%
THE THIRD LARGEST ON THE ISLAND.

08:38.566 --> 08:39.933 align:left position:10%,start line:89% size:80%
>> (<i>translated</i>): AN

08:39.933 --> 08:41.700 align:left position:10%,start line:89% size:80%
INDEPENDENT PUERTO RICO WOULD

08:41.700 --> 08:43.000 align:left position:10%,start line:89% size:80%
HAVE POLITICAL AND LEGAL

08:43.000 --> 08:44.500 align:left position:10%,start line:89% size:80%
AUTHORITY TO JOIN THE GLOBAL

08:44.500 --> 08:46.066 align:left position:10%,start line:89% size:80%
COMMUNITY AND OPEN MARKETS WHILE

08:46.066 --> 08:47.566 align:left position:10%,start line:89% size:80%
AT THE SAME TIME MAINTAINING

08:47.566 --> 08:49.000 align:left position:10%,start line:89% size:80%
FRIENDSHIP AND COOPERATION WITH

08:49.000 --> 08:50.466 align:left position:10%,start line:89% size:80%
THE U.S. BUT ON AN EQUAL

08:50.466 --> 08:51.133 align:left position:10%,start line:89% size:80%
FOOTING, NOT IN POLITICAL

08:51.133 --> 08:55.466 align:left position:10%,start line:89% size:80%
SUBORDINATION.

08:55.466 --> 08:56.366 align:left position:10%,start line:89% size:80%
>> Reporter: WHILE CHALLENGES TO

08:56.366 --> 08:57.466 align:left position:10%,start line:89% size:80%
THE STATUS QUO PERSIST, LAST

08:57.466 --> 09:00.333 align:left position:10%,start line:89% size:80%
MONTH, THE FEDERALLY APPOINTED

09:00.333 --> 09:02.366 align:left position:10%,start line:89% size:80%
FINANCIAL OVERSIGHT BOARD

09:02.366 --> 09:03.600 align:left position:10%,start line:89% size:80%
APPROVED DEEP SPENDING CUTS TO

09:03.600 --> 09:05.933 align:left position:10%,start line:89% size:80%
PUERTO RICO'S BUDGET.

09:05.933 --> 09:07.233 align:left position:10%,start line:89% size:80%
>> REGARDLESS OF HOW ANYONE

09:07.233 --> 09:09.166 align:left position:10%,start line:89% size:80%
FEELS ABOUT STATUS IN PUERTO

09:09.166 --> 09:09.933 align:left position:10%,start line:89% size:80%
RICO, YOU NEED A BALANCED

09:09.933 --> 09:10.466 align:left position:10%,start line:89% size:80%
BUDGET.

09:10.466 --> 09:11.366 align:left position:10%,start line:89% size:80%
>> Reporter: THIS GRAFFITI ON

09:11.366 --> 09:12.633 align:left position:10%,start line:89% size:80%
ONE SAN JUAN STREET READS "DOWN

09:12.633 --> 09:15.833 align:left position:10%,start line:89% size:80%
WITH HIS MAJESTY JOSE CARRION"

09:15.833 --> 09:17.566 align:left position:10%,start line:89% size:80%
>> IT MAKES ME SAD, AND YOU

09:17.566 --> 09:20.733 align:left position:10%,start line:89% size:80%
KNOW, I'M NOT A POLITICIAN, SO

09:20.733 --> 09:22.700 align:left position:10%,start line:89% size:80%
I'M LEARNING TO DEAL WITH

09:22.700 --> 09:26.733 align:left position:10%,start line:89% size:80%
CRITICISM OF THAT NATURE.

09:26.733 --> 09:28.633 align:left position:10%,start line:89% size:80%
>> Reporter: YET, CARRION SAYS

09:28.633 --> 09:30.466 align:left position:10%,start line:89% size:80%
HE UNDERSTANDS THE CRITICISM

09:30.466 --> 09:31.600 align:left position:10%,start line:89% size:80%
THAT HIS BOARD IS NOT

09:31.600 --> 09:32.700 align:left position:10%,start line:89% size:80%
ACCOUNTABLE TO THE ISLAND'S

09:32.700 --> 09:33.900 align:left position:10%,start line:89% size:80%
RESIDENTS.

09:33.900 --> 09:35.066 align:left position:10%,start line:89% size:80%
>> THERE'S NO WAY ANYBODY COULD

09:35.066 --> 09:36.500 align:left position:10%,start line:89% size:80%
CONCEIVABLY THINK THAT THIS IS A

09:36.500 --> 09:39.300 align:left position:10%,start line:89% size:80%
DEMOCRATIC PROCESS.

09:39.300 --> 09:40.200 align:left position:10%,start line:89% size:80%
BUT, HOW ABOUT LOOKING AT THE

09:40.200 --> 09:42.366 align:left position:10%,start line:89% size:80%
POSITIVE SIDES.

09:42.366 --> 09:43.633 align:left position:10%,start line:89% size:80%
THE LAW, IT PROVIDES US THE

09:43.633 --> 09:45.933 align:left position:10%,start line:89% size:80%
OPPORTUNITY TO PROCURE A WAY

09:45.933 --> 09:48.033 align:left position:10%,start line:89% size:80%
FORWARD, AND TO RESTRUCTURE, YOU

09:48.033 --> 09:51.000 align:left position:10%,start line:89% size:80%
KNOW, $72-BILLION WORTH OF DEBT.

09:51.000 --> 09:53.133 align:left position:10%,start line:89% size:80%
WE NEED TO TAKE THIS OPPORTUNITY

09:53.133 --> 09:55.300 align:left position:10%,start line:89% size:80%
THAT CONGRESS HAS PROVIDED US

09:55.300 --> 09:58.500 align:left position:10%,start line:89% size:80%
AND MOVE OUR PEOPLE AND OUR

09:56.966 --> 09:58.533 align:left position:10%,start line:89% size:80%
ISLAND FORWARD.