BREAKING NEWS

Puerto Rico governor cites 'sharp contrast' with island's overseers

By REUTERS

JANUARY 20, 2017 23:26

Puerto Rico Governor Ricardo Rossello on Friday criticized a set of recommendations by the federal board in charge of managing the U.S. territory's finances, signaling a potential power struggle between the government and the board on how to pull the island out of economic crisis.

In a letter to the board on Friday, Rossello said he does not support raising taxes or focusing on layoffs as a primary means of reducing government spending. He said his government would try to repay bondholders if possible, while the board has said the island may only be able to repay 21 percent of what it owes.

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