PROMESA Board Meets to Discuss Governor’s Turnaround Plan (Puerto Rico)
Puerto Rico Governor Alejandro Garcia Padilla’s deadline for a turnaround plan was October 14th, and on Friday the fiscal oversight board met to examine the Fiscal and Economic Growth Plan (FEGP) of the Central Government
The governor’s related address to the board focused on the difficulties Puerto Rico faces and on the efforts his government has made to fix the problems. “In the face of the largest municipal bankruptcy in history,” he said, “we have managed to guarantee essential services.”
The address continued with a plea to the board not to give in to “pressure” to focus on austerity rather than prioritizing the needs of the people of Puerto Rico.
“Puerto Rican children and retirees are not to blame,” the governor said, “for careless decisions made here in New York by the rating agencies who supported the close to 32 billion dollars in debt issued by the two previous administrations or the mistaken decisions by Congress to repeal section 936 of the Internal Revenue Code and remove Puerto Rico’s eligibility under Chapter 9 of the Bankruptcy Code.”
Read more: http://www.puertoricoreport.com/promesa-board-meets-discuss-governors-turnaround-plan/
