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1 | Puerto Rico Defaults on Its Debt for the First Time in Its History | Voalohany Teo Amin'ny Tantarany I Porto Rico No Tsy Nahaloa Ny Trosany |
2 | The brunt of the government's default is hitting Puerto Rico's ordinary citizens the hardest. | Mikapoka mafy ireo olon-tsotra any Porto Rico ilay tsy fahafahana lehibe an'ny governemanta mandoha trosa. |
3 | Image taken by OliverZena and released into the public domain. | Sary nalain'i OliverZena ary nalefa ho an'ny daholobe. |
4 | For the first time in its history, the Commonwealth of Puerto Rico failed to pay $58 million of a debt that amounts to $483 million that was due on August 3. The $58 million is mostly owned by ordinary Puerto Ricans through savings and credit unions, which bought government bonds from Puerto Rico's Public Financing Corporation (Corporación para el Financiamiento Público). | Voalohany teo amin'ny tantarany izao, tsy nahaloa ny 58 tapitrisa dolara teo amin'ny trosany mitentina 483 tapitrisa dolara tamin'ny Commonwealth i Porto Rico, tapitra tamin'ny 3 Aogositra ny fetrandro tokony nandoavana io. Avy amin'ireo olon-tsotra Portorikàna ny ankamaroan'ireo 58 tapitrisa dolara, avy amin'ny vola angonina sy ampindramina, izay nividianana “bonds du trésor” tamin'ny Fikambanana Famatsiambolam-panjakana Porto Rico (Corporación para el Financiamiento Público). |
5 | The government chose to default on this debt for strategic reasons. | Nisafidy ny tsy handoa io trosa io ny governemanta noho ny antony ara-stratejika. |
6 | The people who own the debt (mostly ordinary Puerto Ricans) do not have the legal power to fight in court, like Puerto Rico's external creditors do. | Tsy manana fahefana ara-dalàna hiadiana any amin'ny fitsaràna ireo tompon'io trosa io (olon-tsotra Portorikana ny ankamaroany), tsy sahala amin'ireo tompon-trosa amin'i Porto Rico avy any ivelany. |
7 | Puerto Rico and Greece have been highly discussed topics recently all over the world. | Tena noresahana betsaka maneran-tany i Porto Rico sy Grèce tato ho ato. |
8 | Comparisons between the two have been made for at least the past two years (see this previous Global Voices post from 2012, titled “Puerto Rico: The New Greece?“). | Natao tato anatin'ny roa taona farafahakeliny ny fampitahàna azy roa ireo (jereo ito lahatsoratry ny Global Voices tamin'ny taona 2012 ito, mitondra ny lohateny hoe “Porto Rico: Grèce Vaovao?“). |
9 | However, Puerto Rico's situation could very well be vastly more complicated-and even more painful-than Greece's. | Na izany aza, mety ho tena sarotra kokoa ary mampalahelo kokoa noho ny an'i Grèce ny toe-javatra ao Porto Rico. |
10 | If having a debt of over $72 billion-which Puerto Rico must pay before all other considerations, according to its Constitution-isn't a big enough problem in itself, the situation becomes even more problematic when considering that Puerto Rico has no legal framework to restructure its debt. | Raha efa olana lehibe tokoa ny fananany trosa mihoatra ny 72 lavitrisa dolara - izay tokony tsy maintsy hefain'i Porto Rico alohan'ny hisian'ny fifampiraharahana rehetra, araka ny Lalampanorenany - mbola mihasarotra ihany ny toe-javatra rehefa jerena hoe tsy manana sehatra araka ny lalàna entina hanamboarana ny trosany i Porto Rico. |
11 | A law passed last year by the Puerto Rican Legislature that would have allowed public corporations to declare bankruptcy, but US federal courts declared it unconstitutional several weeks later. | Nisy lalàna nolanian'ireo Mpanao Lalàna ao Porto Rico tamin'ny taona lasa, izay hamela ireo orinasam-panjakana hametraka ny taratasy maha-maty antoka tanteraka azy, kanefa nolazain'ireo fitsaràna federaly any Etazonia ho tsy mifanaraka amin'ny lalampanorenana, herindrandro maro taty aoriana. |
12 | The courts argued that only the federal government could legislate on issues related to bankruptcy-a somewhat perverse argument, given the fact that Puerto Rico was excluded from being able to file for bankruptcy under Chapter 9 of the Internal Revenue Code. | Nilaza ireo fitsaràna fa ny governemanta federaly ihany no afaka manapaka ireo resaka mifandraika amin'ny fatiantoka tanteraka - filazàna izay somary mandrangitra ihany, raha jerena ny zava-misy hoe noesorina tao anatin'ny afaka mametraka taratasinà fatiantoka tanteraka i PortoRico araka ny Andalany faha 9 amin'ny “Lalànan'ny Fidirambola Anatiny”. |
13 | The result is that Puerto Rico cannot avail itself of federal laws to restructure its debt, but neither can it create its own laws. | Ny vokany, tsy afaka mampiasa ireo lalàna federaly i Porto Rico mba hanamboarana ny trosany, kanefa tsy afaka mamorona ireo lalànany manokana ihany koa. |
14 | The only remaining option, it seems, is to persuade Congress to enact legislation that would provide the appropriate legal framework. | Ny hany hita ho vahaolana tokana izao dia ny mandresy lahatra ny Kongresy mba handany lalàna izay hanome sata manokana araka ny lalàna. |
15 | As Sergio Marxuach of the Center for a New Economy wrote recently: | Araka ny nosoratan‘i Sergio Marxuach, ao amin'ny Ivon-toerana ho an'ny Toekarena Vaovao, vao haingana: |
16 | What Puerto Rico does not need right now is more austerity, because the capacity to repay its debt ultimately depends on restoring economic growth. | Tsy famehezan-kibo bebe kokoa no zavatra tsy ilain'i Porto Rico amin'izao fotoana izao, satria miankina tanteraka amin'ny fanarenana ny fitomboan'ny harinkarena ny fahafahany mamerina ny trosany. |
17 | At the same time, there can be no economic recovery without debt sustainability and that, in turn, is not possible without significantly restructuring at least some of its debt. | Miaraka amin'izany, tsy afaka misy fitrakàn'ny harikarena raha tsy misy trosa azo zakaina, kanefa izany etsy ankilany tsy ho tanteraka raha tsy misy fanamboarana mazava farafaharatsiny ny sasany amin'ireo trosany. |
18 | Luis Gallardo Rivera, writing for the digital magazine La Respuesta, explains an interesting though unlikely alternative that the government could use to alleviate the situation significantly: | Luis Gallardo Rivera, manoratra ao amin'ilay gazetiboky nomerika La Respuesta, manazava vahaolana mety ho afaka ampiasain'ny governemanta mba hanatsaràna tokoa ny toe-javatra: |
19 | The founders of Puerto Rico's Constitution, on the other hand, worked into its Article 6, Section 2 a prohibition against spending more than 15% of revenue on public debt. | Amin'ny lafiny iray, niasa tamin'ilay Andalana faha 6, Ampahany faha 2 ireo mpanorina ny Lalampanorenan'i Porto Rico, fandraràna ny fandaniana mihoatra ny 15% amin'ny vola miditra amin'ny trosam-panjakana. |
20 | Said Article states that debt payments must be made before any other public expenditures. | Manambara io Andalana voalaza io fa tokony ny fandoavana trosa no atao alohan'ny fandaniana hafa ataon”ny fanjakana. |
21 | Though the Puerto Rican government has traditionally applied this priority to all of Puerto Rico's debt, only $14.7 billion of it is backed up by this constitutional clause. | Na dia nampiharin'ny governemanta Portorikàna hatrizay aza io fandoavana mialoha ny trosa rehetran'i Porto Rico io, 14,7 lavitrisa dolara ihany ny voafehin'io andalany ao amin'ny lalampanorenana io. |
22 | Analysts and politicians alike have referred to this difference as the island's “extra-constitutional” debt. | Samy nanondro io elanelana io ho toy ny trosan'ny nosy “mivoana amin'ny lalampanorenana” ireo mpamakafaka sy ireo mpanao politika mitovy hevitra. |
23 | Some […] consider the extra-constitutional nature of the public debt to be illegal and thus null. | Ny sasany […] milaza ny maha mivoana amin'ny lalampanorenana ilay trosan'ny fanjakana, noho izany tsy ara-dalàna ka tokony ho foana. |
24 | […] Despite this, it is unlikely that the government will assume this stance. | […] Na eo aza izany, kely ny finoana hoe hitovy hevitra sy hanaraka izany ny governemanta. |
25 | The US Congress has all but refused outright to help alleviate the crisis. | Manana ny zavatra rehetra, kanefa mandà tanteraka ny hanampy mba hanamaivana ilay kirizy ny Kongresy Amerikana. |
26 | Prior to this, the White House stated that it, too, would keep its distance by not intervening directly in Puerto Rico's fiscal problems (read: no bailout). | Mialoha izany, nanambara ny Trano Fotsy fa, hihataka ihany koa izy amin'ny tsy hidirany mivantana amin'ny olana ara-bolan'i Porto Rico (vakio: tsy misy drafitra famonjena). |
27 | Nonetheless, president Obama has said publicly that Congress should act, in order to provide Puerto Rico with the necessary legal framework to restructure its debt, joining many other influential voices that have called for similar action from Congress, ranging from presidential hopeful Hillary Clinton to the editors at the New York Times. | Na izany aza anefa, nilaza am-pahibemaso ny filoha Obama fa tokony hihetsika ny Kongresy, mba hanome an'i Porto Rico ny sehatra voafaritry ny lalàna ilainy mba hanamboarana ny trosany, nanjohy ireo olona manan-danja maro hafa izay niantso ny handraisan'ny Kongresy hetsika mitovy amin'izay, tao anatin'izany ilay mpirotsaka ho filoham-pirenena, Hillary Clinton, ka hatramin'ireo toniandahatsoratry ny New York Times. |
28 | Whether or not Congress heeds their advice remains to be seen. | Mbola ho hita eo raha horaisin'ny Kongresy na tsia ny torohevitr'izy ireo . |