Puerto Rico fiscal turnaround plan will save $3.8 billion/year: governor

Puerto Rico fiscal turnaround plan will save $  3.8 billion/year: governorThe turnaround plan, a requirement of the federal Puerto Rico rescue law known as PROMESA, will serve as a 10-year blueprint for the island’s ascent out of fiscal crisis. The plan will serve as a baseline for debt restructuring talks between Puerto Rico and creditors holding nearly $ 70 billion in bonds. In a speech to Puerto Rico’s legislature on Tuesday, Rossello said the plan would save $ 1.6 billion in government spending – but without laying off public workers – by eliminating some tax incentives and cutting subsidies to municipalities.

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