Puerto Rico gov defies board, rejects reform, pension cuts
The powers of a federal control board overseeing Puerto Rico’s finances could soon be tested as the U.S. territory’s governor on Monday defied its calls to implement more austerity measures amid an 11-year recession.
Gov. Ricardo Rossello rejected demands that his administration submit a revised fiscal plan to include a labor reform and a 10 percent cut to a pension system facing nearly $50 billion in liabilities. He said the plan he will submit Thursday also will not contain any layoffs.
“The board does not have the power to implement issues of public policy,” Rossello said. “It’s that simple.”
Read More: W Top
