Report commissioned by 34 hedge funds says government had been ‘massively overspending on education’ despite spending only 79% of US average per pupilBillionaire hedge fund managers have called on Puerto Rico to lay off teachers and close schools so that the island can pay them back the billions it owes.The hedge funds called for Puerto Rico to avoid financial default – and repay its debts – by collecting more taxes, selling $4bn worth of public buildings and drastically cutting public spending, particular on education. Related: Puerto Rico debt crisis: austerity for residents, but tax breaks for hedge funds Related: Puerto Rico's 'unpayable' debt: is this the Greece of the western hemisphere? Related: Politicians think Puerto Ricans are dumb. But we know the debt crisis is their doing | Julio Ricardo Varela Continue reading...
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