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Sat Oct 1, 2016, 05:40 AM

Governor Prepares Puerto Rico for Control Board's Takeover

Puerto Rico's governor turned over the reins of his government's finances to a federal control board and outlined what he considers priorities during a televised address Thursday to prepare the U.S. territory for a historic change.

Gov. Alejandro Garcia Padilla said his administration had tried everything to ameliorate a decade-long economic crisis before accepting that the creation of a federal control board was necessary.

"We should all be aware of the repercussions of this process that starts now," he said. "Like many of you, I didn't agree either with the excessive power granted to the board, and with some of the people named to it. But the truth is we had no alternative."

Established by U.S. legislation enacted in June, the seven-member board is scheduled to have its first meeting Friday in New York. It is expected to choose its president as well as outline the first steps it will take to help restructure a portion of a nearly $70 billion public debt that Garcia has said is unpayable.

Read more: http://abcnews.go.com/International/wireStory/governor-prepares-puerto-rico-control-boards-takeover-42461205

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