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Puerto Rico governor slams congressman over 'dictatorial' letter
Source: Reuters
POLITICS APRIL 2, 2018 / 6:06 PM / UPDATED 10 HOURS AGO
Puerto Rico governor slams congressman over 'dictatorial' letter
Nick Brown
4 MIN READ
NEW YORK (Reuters) - Puerto Rico’s governor on Monday fiercely defended his administration’s right to help steer the insolvent, storm-ravaged island out of bankruptcy after a U.S. congressman said the process should be led by the island’s creditors and federally appointed oversight board.
In a scorching, 6,000-word letter delivered on Monday to U.S. Representative Rob Bishop, and seen by Reuters, Governor Ricardo Rossello accused the Republican lawmaker of turning “back the clock many decades to a time when the federal government simply imposed its will” on the U.S. territory.
Bishop, who chairs the House of Representatives Committee on Natural Resources, was at the forefront of a 2016 federal law known as PROMESA, which moved Puerto Rico’s finances under the management of a federally appointed board.
In a letter last week, Bishop censured the board for lack of progress on a massive planned debt restructuring in Puerto Rico, directing the board to seek more input from the island’s financial creditors on a plan to stabilize the island.
Rossello said on Monday that flew in the face of PROMESA, which calls for the board and the governor to work together. He said the sides had made consensual progress on elements of Puerto Rico’s restructuring.
-snip-
Puerto Rico governor slams congressman over 'dictatorial' letter
Nick Brown
4 MIN READ
NEW YORK (Reuters) - Puerto Rico’s governor on Monday fiercely defended his administration’s right to help steer the insolvent, storm-ravaged island out of bankruptcy after a U.S. congressman said the process should be led by the island’s creditors and federally appointed oversight board.
In a scorching, 6,000-word letter delivered on Monday to U.S. Representative Rob Bishop, and seen by Reuters, Governor Ricardo Rossello accused the Republican lawmaker of turning “back the clock many decades to a time when the federal government simply imposed its will” on the U.S. territory.
Bishop, who chairs the House of Representatives Committee on Natural Resources, was at the forefront of a 2016 federal law known as PROMESA, which moved Puerto Rico’s finances under the management of a federally appointed board.
In a letter last week, Bishop censured the board for lack of progress on a massive planned debt restructuring in Puerto Rico, directing the board to seek more input from the island’s financial creditors on a plan to stabilize the island.
Rossello said on Monday that flew in the face of PROMESA, which calls for the board and the governor to work together. He said the sides had made consensual progress on elements of Puerto Rico’s restructuring.
-snip-
Read more: https://www.reuters.com/article/us-puertorico-debt-letter/puerto-rico-governor-slams-congressman-over-dictatorial-letter-idUSKCN1H91Y1