Chilean activist destroys student debt papers worth $500m

[Ichingcarpenter]

An activist in Chile has burnt documents representing $500 million (£300 million) worth of student debt during a protest at Universidad del Mar.

Francisco Tapia, who is also known as “Papas Fritas”, claimed that he had “freed” the students by setting fire to the debt papers or “pagarés”.

Mr Tapia has justified his actions in a video he posted on YouTube on Monday 12 May, which has since gone viral and garnered over 55,000 views.

In the five-minute video the artist and activist, translated by the Chilean news site Santiago Times, he passionately says: “You don’t have to pay another peso [of your student loan debt]. We have to lose our fear, our fear of being thought of as criminals because we’re poor. I am just like you, living a s**tty life, and I live it day by day — this is my act of love for you.”

He confessed he destroyed the papers without the knowledge of the students during a takeover at the university demanding free higher education.

http://www.independent.co.uk/news/world/americas/chilean-activist-destroys-student-debt-papers-worth-500m-9391907.html

[AllTooEasy]

1. Great. now the students only have to worry about lawsuits

I don't agree with this. On the surface this action looks noble, but now this $500 million will get passed to future, needy borrowers as higher interest, if student loans will be available to them at all.

I also don't have any faith that Chile can afford this lost, or that Chile's rich will be forced to pay the $500m through higher taxes.

[Ichingcarpenter]

2. I doubt that this will affect the loans

I'm sure they have backups