PROMESA Board Prescribes Fiscal Remedies for Puerto Rico
The Puerto Rico Financial Oversight and Management Board today {October 20} wrote Governor Alejandro Garcia Padilla and Governor-Elect Ricardo Rossello with its initial fiscal prescriptions for the territorial government.
The Board disclosed that it will adhere to its previously-determined schedule of beginning conversations with creditors this week but added that it will work with the insular government on a debt restructuring process. Its one clue regarding the process is that it would seek to simplify the current complex debt structure.
Gov.-Elect Rossello was asked to name a task force to develop his fiscal plan during his first week in office. The Board also announced its intent to soon discuss his ideas with him with the goal of maintaining the Board’s January 31st deadline for a final fiscal plan.
The Board also requested that Rossello develop a package of legislative and administrative reforms by February 15th.
Read more: http://www.puertoricoreport.com/promesa-board-prescribes-fiscal-remedies/
