According to a former treasurer of the GDB, the Oversight Board will have to find emergency funds while getting the Island’s public coffers in order
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Alejandro García Padilla’s administration lobbied intensely in the US Congress for a way to renegotiate the public debt. However, according to former Government Development Bank (GDB) Treasurer Ignacio Canto, the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA) is more of an instrument to organize the Island’s public finances than it is aimed at reducing what is owed to bondholders.
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