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Indybay Feature

Puerto Rico's Governor Refuses to Submit Revised Fiscal Plan

by Greg
Puerto Rico Governor Alejandro García Padilla declined a new federal oversight board's request that he submit an updated fiscal plan for the island.
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.

Jubilee USA Network is an alliance of more than 75 US organizations and 550 faith communities working with 50 Jubilee global partners. Jubilee USA builds an economy that serves, protects and promotes the participation of the most vulnerable. Jubilee USA has won critical global financial reforms and more than $130 billion in debt relief to benefit the world's poorest people. http://www.jubileeusa.org

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