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Old 02-27-2017, 07:40 AM
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Mary Pat Campbell
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Join Date: Nov 2003
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http://www.bondbuyer.com/news/region..._medium=social

Quote:
Rosselló Says Oversight Board's Austerity Risks Breaking the Law
Puerto Rico Gov. Ricardo Rosselló suggested Tuesday that the federal Oversight Board's plans for austerity may be against federal law.

In a statement sent from the governor's office, Rosselló's chief of staff William Villafañe said that "The Fiscal Supervision Board officials cannot act outside of the law that created the body. If the board were to force the implementation of a fiscal plan that affects people's essential services, it would be acting contrary to the PROMESA law."

The complaints mark an escalation of tensions between the island government and the federal board appointed last year to oversee fiscal and economic policies as Puerto Rico tries to restructure nearly $70 billion of bonds.

"The board is warned that it must act in conformance with the law," Villafañe continued.

"The commitment of Governor Ricardo Rosselló is to achieve economies that allow government efficiency, doing more with fewer expenses, without affecting essential services to the people and without laying off public employees," Villafañe said.

Villafañe also criticized a statement by the board's new interim executive director, Ramón Ruiz Comas. According to the El Vocero news web site, Ruiz Comas told WKAQ 580AM on Tuesday morning that if Rosselló didn't present an acceptable fiscal plan by the end of February, the board would provide its own and the plan would be considered the legally valid plan.
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