Puerto Rico’s governor, Alejandro García Padilla, announced a six point plan to restructure the government in light of the credit rating downgrades by Standard & Poor’s and Moody’s.
He opened his speech that was delivered live on Monday:
In these difficult times, I want to speak personally to each citizen, whether in the living room or the balcony of their homes. I want talk about the budget of Puerto Rico, the current situation and how we face it together. It is time to pay bills that others left without paying.
The governor went on to outline six steps the government will take:
1. We will reduce the budget $170 million in current fiscal year. Much of the reduction will be in contracts with agencies. To be clear, we will succeed without employee dismissals.
2. Renegotiate loans in which the payments are accelerated by credit downgrade and continue to work on alternative financing.
3. Increase our revenue by strengthening measures against tax evasion. The justice system does not allow a greater burden to be put on the honest citizen. The evader not only mocks the government, but attacks honest Puerto Ricans.