This morning at 9am in Old San Juan, Puerto Rico protestors from the Campamento Contra La Junta and other organizations blocked the entrance of the old Banco Popular branch in the colonial city. The branch was the very first Banco Popular established in 1893 by Rafael Carrión Sr., the patriarch of one of Puerto Ricco’s financial dynasties. The instruction also has subsidiaries in the USA, such as Equity One and E-Loan. Recently Banco Popular has given support to PROMESA and insider information indicates a steady traffic of political candidates from the Popular, PNP (Statehood) and PIP (Independence). There has been no confirmation yet of any representatives from the PPT.
The objective of today’s action was to disrupt bank operations at the Old San Juan Branch and bring attention to the coming fiscal board. Staff tried to get through but people were only allowed to exit the building. One Cyril Meduña , founder of Advent-Morro Equity Partners and Honorary Consul for the Republic of Chile, was seen trying to forcibly open the door but ended up damaging the glass.
Historically Cooperatives were dedicated to farmers. These financial institutions were small and still do not have the power of many of the local and foreign banks on the island. With that agrarian history and the comparable lack of resources to invest in advertising there is still some class stigma and lack of confidence. Even under those conditions cooperative financial institutions are gaining ground in Boriken with the growing distrust and unreliability of traditional banks.
The action was involved chanting, the distribution of literature about PROMESA to both locals and tourist, messages of solidarity with Palestine and the Philippines and some participation of local media.
The action was brought to a close at 130pm sharp, local time with chanting and continued dispersal of fliers as protestors left the area. This is not the first and certainly not the last action taken against local financial institutions and capitalist hoping to benefit from the passing of PROMESA.
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- KBOO