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Opposition to Puerto Rico reform plan grows amid crisis

Puerto Rico fiscal reform plan faces growing opposition amid economic crisis

Opposition to Puerto Rico reform plan grows amid crisis

SAN JUAN, Puerto Rico (AP) -- Puerto Rico's fiscal reform plan has come under increased scrutiny amid growing concerns that it does not have legislative support and that some measures are too austere and could push the U.S. territory into a deeper economic crisis.

The concerns came as Gov. Alejandro Garcia Padilla was meeting Wednesday with members of President Barack Obama's cabinet while his administration prepares to negotiate with bondholders over a $72 billion debt. Other top Puerto Rico officials traveled to New York and met with restructuring experts to prepare for negotiations.

Economists warn the island could face a severe liquidity crunch in the next three months that could force the government to either partially close or default on major bond payments that are due soon if certain measures aren't taken.

Updated : 2021-09-26 17:51 GMT+08:00