Posts Tagged: Alejandro Garcia Padilla

Board, Gov-Elect Change Puerto Rico Fiscal Plan

Puerto Rico Financial Oversight and Management Board members and New Progressive Party (PNP) leaders elected last month to take over the reins of the territorial government early next month made clear earlier this week their intent to, first, adopt a more fiscal adjustment plan focusing more on local reforms than that submitted by Governor Alejandro… Read more »

PROMESA Board Prescribes Fiscal Remedies

The Puerto Rico Financial Oversight and Management Board today wrote Governor Alejandro Garcia Padilla and Governor-Elect Ricardo Rossello with its initial fiscal prescriptions for the territorial government. The Board disclosed that it will adhere to its previously-determined schedule of beginning conversations with creditors this week but added that it will work with the insular government… Read more »

Rossello Pledges “Good Faith” Debt Talks

  Governor-Elect Ricardo Rossello (New Progressive Party/PNP) signaled changes in the Government of Puerto Rico’s fiscal course in naming two members of his top fiscal team yesterday. Raul Maldonado Gautier will be Secretary of the Treasury and Gerardo Jose Portela Franco will be Director of the Fiscal Agency and Financial Advisory Authority that the territorial… Read more »

Puerto Rico Financial Oversight and Management Board Announces New Contracts

The Puerto Rico Financial Oversight and Management Board late yesterday announced three key contracts: McKinsey & Co. was retained as the panel’s temporary strategic consultant. Puerto Rican Bertil Chappuis will head the firm’s work for the Board. Puerto Rico Governor Alejandro Garcia Padilla earlier selected another McKinsey executive as the Board’s infrastructure officer (“Revitalization Coordinator”): Aaron… Read more »

Puerto Rico Governor Refuses to Revise Fiscal Plan

Puerto Rico Governor Alejandro Garcia Padilla (Popular Democratic Party/PPD) this morning refused to amend the fiscal adjustment plan that he submitted to the territory’s federally-imposed Financial Oversight and Management Board five weeks ago. The refusal contradicts the Federal PROMESA law that the Governor sought, which established the Board and gave the panel overriding control of… Read more »

Garcia Initiates Gov’t Services in Florida, Seeing Another “Country”

Although it is having a hard time financing and providing public services to the residents of Puerto Rico, the government of the territory launched an effort to provide government services to citizens of Florida last week. The Commonwealth’s Federal Affairs Administration opened an office in the central Florida city of Kissimmee for the purpose. Florida… Read more »

Garcia Padilla and “Commonwealth as we know it”

Puerto Rican Governor-Elect Alejandro Garcia Padilla has written a letter to President Obama discounting the results of Puerto Rico’s recent plebiscite in which 54% of the voters answered “no” when asked whether “Puerto Rico should continue to have its present form of territorial status,” and over 60% of the voters selected statehood as their preferred status… Read more »