During its New York City meeting, the Financial Oversight and Management Board of Puerto Rico accepted a revised fiscal plan from the island's Governor. The board rejected an earlier version of the plan last week.
Eric LeCompte is the Executive Director of the religious development group Jubilee USA. He testified to the oversight board and to Congress on the island's debt crisis. LeCompte releases the following statement:
"A deep cut in Puerto Rico's debt is now needed as the oversight board previously noted. Without enough debt relief to bring the debt back to sustainable levels, no fiscal plan can be enough for economic recovery.
"As any fiscal plans are implemented, special attention must be paid to protecting vulnerable communities.
"In the coming weeks if negotiations fail to achieve the needed debt reduction, the oversight board should move forward the official bankruptcy process as outlined by Congress."
Read more about the fiscal plan