Leaders and politicians of Puerto Rican descent on Tuesday called on President Obama to help negotiate a fair debt deal with the island's creditors and explore a Federal Reserve loan.
"It is very disheartening that the U.S. government is turning a blind eye toward the grave situation in Puerto Rico," said New York City Council speaker Melissa Mark-Viverito at a demonstration in front of New York City Hall.
It was one of three events organized by the Hispanic Federation, along with demonstrations in Washington and Orlando, Fla. The plea for federal help came as investors prepared to negotiate new terms on $72 billion of debt, which the territory's governor has said is un-payable unless the local economy improves.
"The solution to this problem must not be at the expense of the working class and poor," Mark-Viverito said. The hedge funds that own Puerto Rico bonds should not pressure the island to take austerity measures.
"It's time for the federal government to step up to help." Mark-Viverito said.
Echoing the Hispanic Federation's talking points, she said Obama should support a federal investment plan. Congress must eliminate policies that put Puerto Rico at an economic disadvantage, like the Jones Act, which raises prices of imported goods on the island.
The federal government should grant Chapter 9 to the governments and sit down with all the parties to renegotiate a fair debt repayment, she said.
Finally, the federal government should oppose severe austerity for the island.
"In New York City," Mayor Bill De Blasio said, "we have the largest Puerto Rican community outside of Puerto Rico, and that means we have a special obligation to speak out."
New York City Comptroller Scott Stringer said he recently spoke on the phone to his mother, who lives in Puerto Rico. She said that Puerto Rico residents were scared and worried.
The U.S. government is turning its back on the Puerto Rican people, said New York State Assemblyman Marcos Crespo. "Mr. president, don't forget who got you into office."
About 100 people attended the rally in New York City, around 30 of them members of the media.
