Main Street Bondholders: Governor Garcia Padilla's Fiscal Adjustment Plan Sets up False Choice, Shows His Intent to Violate Puerto Rico's Constitution
WASHINGTON, Sept. 9, 2015 /PRNewswire-USNewswire/ -- In response to the fiscal reform plan proposed Tuesday by Puerto Rican Governor Alejandro García Padilla, the Main Street Bondholders released the following statement:
"Governor Alejandro Garcia Padilla's Fiscal Adjustment Plan lacks seriousness and sets up a false choice for policymakers: Either let him stiff bondholders or face a disorderly default. The Governor has now confirmed that he plans to violate Puerto Rico's own Constitution, which contradicts his earlier promises to protect the Constitutional debt. His suggestion that he and his team be allowed to appoint a control board is laughable, and has no credibility with investors."
"This plan should be dead on arrival, and we urge Congress to first force a conversation on spending, which is the real root of Puerto Rico's problems."
Main Street Bondholders is a project of the 60 Plus Association that is made up of small bondholders from across America who are committed to a policy process that returns Puerto Rico to sound financial management, respects the rule of law, and protects their retirement savings.
Contact: Gerry Scimeca
[email protected]
SOURCE Main Street Bondholders
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