SAN JUAN, Puerto Rico – A federal control board overseeing Puerto Rico's finances is giving the governor a list of proposals to turn around the U.S. territory's economy. The suggestions include downsizing the government, privatizing ports and charging tourists more for certain services.
The board says Puerto Rico needs to take swift action because it faces a larger deficit than originally projected at $68 billion, in addition to nearly $70 billion in public debt.
The board's letter to the governor on Tuesday urges him to consider privatizing government assets such as ports, implementing labor, energy and tax reforms, seeking public-private partnerships and cutting non-essential services.
The board recently rejected a fiscal plan submitted by Gov. Alejandro Garcia Padilla, who has refused to revise the plan to include austerity measures.