Board reveals austerity measures in Puerto Rico fiscal plans

New austerity measures are looming for Puerto Rico as a federal control board overseeing the U.S. territory's finances prepares to approve several fiscal plans that will serve as the island's economic blueprint for the next five years.

Plans released Wednesday call for a 10 percent average cut to a public pension system facing nearly $50 billion in liabilities as well as significant reductions in government subsidies to municipalities and Puerto Rico's largest public university.

The plans anticipate a more than $6 billion surplus over five years as the island's government seeks to restructure a portion of its more than $70 billion public debt load amid an 11-year recession.