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PPT Candidate: Emergency Declaration Is Due to Financial Structure not GDB

By on April 9, 2016

SAN JUAN – Following the fiscal emergency declared for the Government Development Bank (GDB), the gubernatorial candidate of the Working People’s Party (PPT by its Spanish initials), Rafael Bernabe, said Saturday that the crisis is due to the island’s entire financial structure.

“It is not a GDB crisis, but one of the financial structure, such not as taxing large companies,” the politician said in reaction to Gov. Alejandro García Padilla’s executive order declaring an emergency period for the government bank.

García Padilla stated the executive order was made “in accordance with the powers conferred by Article[s] 201 and 203” of the Puerto Rico Emergency Moratorium and Financial Rehabilitation Act.

The order declares an emergency period for the GDB “in order to protect and preserve the essential health, safety and welfare of the residents of the Commonwealth of Puerto Rico,” the governor said in a statement Saturday.

Bernabe insisted the debt “is unpayable and has continued to be paid because of bondholders’ interests.” He added it is “sometimes said the problem is the government, the PDP [Popular Democratic Party] or the NPP [New Progressive Party]. Both have followed these practices, so we have to get rid of these parties.”

For the gubernatorial hopeful, “the new policies have to reevaluate the payments of that debt. It is not only an economic crisis, but also one that encompasses the need to solve [Puerto Rico’s political] status, which must be faced and solved.”

Gov. Alejandro García Padilla, left, and PPT gubernatorial candidate Rafael Bernabe discuss how to address Puerto Rico's fiscal crisis before the U.S. Congress, March 30, in La Fortaleza.

Gov. Alejandro García Padilla, left, and PPT gubernatorial candidate Rafael Bernabe discuss how to address Puerto Rico’s fiscal crisis before the U.S. Congress, March 30, in La Fortaleza.

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