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Fri Apr 20, 2018, 01:01 AM

Puerto Rico board approves fiscal plan as governor vows defiance

Source: Reuters

BUSINESS NEWS APRIL 19, 2018 / 3:12 PM / UPDATED 8 HOURS AGO

Puerto Rico board approves fiscal plan as governor vows defiance

Nick Brown
3 MIN READ

NEW YORK (Reuters) - Puerto Rico’s federal oversight board on Thursday approved a fiscal turnaround plan that includes pension cuts and labor reforms that Governor Ricardo Rossello has vowed to defy, portending the latest potential court battle over the bankrupt U.S. territory’s future.

At a hearing in San Juan, broadcast via the internet, the seven-member board voted 6-1 to certify a plan that forecasts $6.7 billion in debt payment ability for Puerto Rico through 2023. Board member Ana Matosantos was the lone dissenter.

Tasked with helping Puerto Rico recover from the dual scourges of fiscal insolvency and natural disaster, the board green-lighted its plan after unsuccessful negotiations with Rossello on a consensual framework.

The governor has opposed labor and pension reforms, insisting the board lacks the authority to impose steps that would require legislation.

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Read more: https://www.reuters.com/article/us-puertorico-debt-fiscal/puerto-rico-board-approves-fiscal-plan-as-governor-vows-defiance-idUSKBN1HQ2TG

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