13 de agosto de 2015 / 18:33 / en 2 años

Puerto Rico's fiscal problems prompt New York demonstration

NEW YORK, Aug 13 (Reuters) - Around 50 people concerned about Puerto Rico’s fiscal problems were protesting outside the Manhattan offices of hedge fund Paulson & Co in a demonstration an organizer said was one of a number planned against hedge funds who have invested in the island.

Demonstrators, organized by the group A Call to Action on Puerto Rico, chanted “Puerto Rico is not for sale” and held signs, one of which said “Wall St. Greed Makes Puerto Rico Bleed”.

“Paulson is buying Puerto Rico debt and charging us for that debt,” said organizer Lourdes Garcia, who estimated around 75 people in total had shown up for the event.

The group’s Facebook page said Paulson & Co had bought $120 million of debt. The New York Times reported in June that Paulson & Co sold that investment immediately after making it in March 2014.

A spokesman for Paulson & Co declined comment. The hedge fund has invested in hotels on the island.

Puerto Rico’s governor Alejandro Garcia Padilla dropped a bombshell on holders of Puerto Rico’s $72 billion debt on June 29, saying he wants to restructure debt and postpone bond payments.

In July, protestors, part of the Hedge Clippers campaign, an organization that investigates hedge funds, demonstrated outside the offices of BlueMountain Capital Management, which holds Puerto Rico Electric Power Authority (PREPA) debt.

Reporting by Megan Davies, additional reporting by Jennifer Ablan; Editing by Nick Zieminski

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