RSN Fundraising Banner
FB Share
Email This Page
add comment

writing for godot

Puerto Rico's Governor Refuses to Submit Revised Fiscal Plan

Print
Written by Jubilee USA Network   
Monday, 21 November 2016 08:59

Puerto Rico Governor Alejandro García Padilla declined a new federal oversight board's request that he submit an updated fiscal plan for the island. Under Congressional legislation passed in June, the board has the authority to approve or reject the Governor's fiscal plan. The board requested a revised plan after various stakeholders and civil groups testified about the merits of the plan to the board last week. According to the Associated Press, Governor García refused to rework the plan, arguing the board needs to restructure Puerto Rico's debt to avoid cuts to basic government services. It's not clear what the consequences of the Governor's decision will be.

"Restructuring Puerto Rico's debt as soon as possible is essential," noted Eric LeCompte, who addressed the board at its November 18 meeting in Puerto Rico and is the executive director of the religious development coalition Jubilee USA. "As Puerto Rico moves forward, there need to be plans and policies that prevent austerity, promote budget transparency and prevent tax avoidance on the island."
Puerto Rico is $72 billion in debt and avoided a large-scale default July 1 because the Congressional legislation that passed put a stay on debt lawsuits against the island. That stay will end in February. The board has the authority to restructure Puerto Rico's debt.
e-max.it: your social media marketing partner
Email This Page

 

THE NEW STREAMLINED RSN LOGIN PROCESS: Register once, then login and you are ready to comment. All you need is a Username and a Password of your choosing and you are free to comment whenever you like! Welcome to the Reader Supported News community.

You Are Not Logged In

Forgot Username?

RSNRSN