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García Padilla: New Gov’t Must Protect Pensioners, Public Workers

By on December 21, 2016

SAN JUAN — Gov. Alejandro García Padilla reacted to declarations from the Fiscal Oversight Board (FOB) regarding the need to restructure Puerto Rico’s public debt through the process established in Promesa’s Title VI.

Puerto Rico Gov. Alejandro García Padilla (File)

Puerto Rico Gov. Alejandro García Padilla reaffirmed the new government’s priority must be protecting pensioners, public employees and the University of Puerto Rico. (File)

The governor warned that if Puerto Rico doesn’t seek protection from Title III before the stay on lawsuits ends in February 15, 2017, the government will run out of money and essential services will be severely affected.

“I trust that the new government will oppose any measure through Title VI, which seeks an encompassing restructure of the entire debt under the ordained bankruptcy process detailed in Title III and help our new fiscal plan that protects pensioners, public employees and the University of Puerto Rico. I will remain firm in placing Puerto Ricans above any other consideration, until the last day of my leadership,” said García Padilla via written declarations.

Read more: Fiscal Board: Government Deficit Higher than Estimated

The expressions come after FOB members said they aspire “to so what is right with the creditor community” through a voluntary debt renegotiation under Promesa’s Title VI.

“This pretension is incompatible with the own board’s expressions as recently as today, because they validated our claims with their calculations regarding the precariousness of Puerto Rico’s fiscal situation. Their calculus of a $67 billion deficit in the next 10 years proves that a comprehensive restructure under Title III in Promesa is inevitable,” warned the island’s chief executive.

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