Banker Carrión Favors Creation of Fiscal Control Board
SAN JUAN – The CEO of Popular Inc., Richard Carrión, on Saturday favored the creation of a fiscal control board to find solutions to the crisis caused by the inability to pay the Puerto Rico government’s debt.
“When I testified in the U.S. Senate, I said I was ashamed to be there because we allowed things to reach this point,” Carrión told reporters during the inauguration of the new Club Sparta facilities, in which he invested to provide a locale in where olympic wrestling training will be conducted.
The banking institution’s CEO added, “I think it will take three things, three essential things; it will require some kind of legal framework to restructure the debt, it will require some type of fiscal control board to ensure discipline with the commitments and the budget, and it will require some form of economic stimulus.
“Without economic stimulus, none of these things work. So I think the three things are necessary, none alone is sufficient.”
He also said that “it is shameful that we are at this point, but it is imperative that we move forward and make sure something like this never happens.”
Regarding the control board, he stressed that “it must be an independent board; more than a federal one, it must be an independent board, free of political pressure, because it will not be an easy job.”