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September 10, 2015

Puerto Rican Governor Outlines Plan to Address Debt Crisis 
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Puerto Rico Governor Alejandro García Padilla has outlined a new
five-year plan to address Puerto Rico's debt crisis. The plan includes
raising the tuition at University of Puerto Rico, cutting investment in
healthcare, and contracting for-profit companies to run public roads and
ports. In return, the plan calls for debt restructuring that would
require hedge funds and other creditors to voluntarily accept reduced
payments. On Wednesday, Governor Alejandro García Padilla called on
hedge funds to come to the negotiating table.

Gov. Alejandro García Padilla: "Now, the most important conclusion from
this plan is that even if we impose all the measures in it, it would not
be sufficient to meet the needed equilibrium. The massive public debt of
Puerto Rico is an impediment to growth. That's why the time is now that
the creditors come to the table and share the sacrifice."

 

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