New Puerto Rico governor signs fiscal emergency law

by
January 30, 2017

Puerto Rico DebtPuerto Rico’s governor signed a law on Sunday that allows him to define essential government services and set aside money to pay for them, setting the vision of how to prioritize a mountain of obligations the struggling U.S. territory cannot afford.

Governor Ricardo Rossello, sworn in this month, signed the Puerto Rico Financial Emergency and Fiscal Responsibility Law, replacing a moratorium on debt payments by ex-Governor Alejandro Garcia Padilla that had been unpopular with many bondholders.

The new law allows Rossello to define which services are essential to health, safety and welfare, and set aside money in a “lockbox” to ensure their payment.

Under the law, the island will try to pay as much of its $70 billion in debt as possible after payment of services.

The law itself does not create policy, but authorizes Rossello to make decisions through executive orders expected in the coming weeks, as the island tries to pull itself out of an economic crisis.

4 Comments - what are your thoughts?

  • Rodney Steward says:

    I think they need a new governor that lives like a king while the rest of the place is half way starving! We just got through bailing them out with money we DID NOT HAVE!

  • justinwachin says:

    Each state/territory with debt problems needs to make hard choices on where to make cuts and then start repaying their debt. I would suggest eliminating or reducing the pensions of politicians who helped create the problem would be a good place to start making cuts.

    For too long government and individuals have thought they could borrow their way to prosperity. The party is over and it is now time to start paying the bill.

    1. Anniersiller says:

      Google is paying 97$ per hour! Work for few hours and have longer with friends & family! !sk87c:
      On tuesday I got a great new Land Rover Range Rover from having earned $8752 this last four weeks.. Its the most-financialy rewarding I’ve had.. It sounds unbelievable but you wont forgive yourself if you don’t check it
      !sk8s7c:
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  • FIRE1949 says:

    Puerto Rico and California took lessons from the same corrupt commie lefties.

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