From William Issac:

On October 14, the outgoing Governor of Puerto Rico, Alejandro Garcia Padilla, who is not running for re-election next month, addressed the Oversight Board which is charged by Congress with addressing the disastrous finances of the insolvent government of Puerto Rico. In default on more than a billion dollars of its debt, with no prospects of repaying its debt in full, having run deficits for 15 straight years, and trapped in the U.S. dollar currency zone, the government has massively difficult problems ahead. So do its creditors and the Oversight Board.

Creation of the Oversight Board was a necessary step. Now its work has really begun. The Governor presented to it the government’s draft fiscal plan for the next ten years-the opening gambit in what will unavoidably be complex and tense negotiations. The substance and the rhetoric of the presentation are instructive.

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