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Do not fill this in! === Fiscal debt === In early 2017, the [[Puerto Rican government-debt crisis]] posed serious problems for the government which was saddled with outstanding bond debt that had climbed to $70 billion.<ref>{{cite news |url=http://www.thefiscaltimes.com/latestnews/2017/01/18/Puerto-Rico-oversight-board-favors-more-time-restructuring-talks |title=Puerto Rico oversight board favors more time for restructuring talks |author=Nick Brown |agency=Reuters |date=18 January 2017 |work=The Fiscal Times |access-date=16 February 2017 |archive-date=17 February 2017 |archive-url=https://web.archive.org/web/20170217145557/http://www.thefiscaltimes.com/latestnews/2017/01/18/Puerto-Rico-oversight-board-favors-more-time-restructuring-talks |url-status=live }}</ref> The debt had been increasing during a decade-long recession.<ref name="auto">{{cite news|url=http://www.starherald.com/news/nation_world/puerto-rico-gets-more-time-to-propose-fiscal-plan/article_b805f0e6-f333-5d33-8d94-d29a610d820a.html|title=Puerto Rico Gets More Time|date=29 January 2017|newspaper=Star Herald|access-date=16 February 2017|agency=Associated Press|location=Scottsbluff, ME}}{{dead link|date=May 2017|bot=InternetArchiveBot|fix-attempted=yes}}</ref> The Commonwealth had been defaulting on many debts, including bonds, since 2015. With debt payments due, the governor was facing the risk of a government shutdown and failure to fund the managed health care system.<ref>{{cite news |last=Platt |first=Eric |date=19 January 2017 |title=New Puerto Rico governor seeks amicable debt crisis resolution |url=https://www.ft.com/content/d9551584-de66-11e6-86ac-f253db7791c6 |archive-url=https://ghostarchive.org/archive/20221210/https://www.ft.com/content/d9551584-de66-11e6-86ac-f253db7791c6 |archive-date=10 December 2022 |url-access=subscription |newspaper=Financial Times |location=New York |access-date=17 February 2017}}</ref><ref name="Watson">{{cite web |url=https://www.treasury.gov/connect/blog/Pages/Secretary-Lew-Sends-Letter-to-115th-Congress-on-Puerto-Rico.aspx |title=Secretary Lew Sends Letter to 115th Congress on Puerto Rico |last=Watson |first=Dan |date=17 January 2017 |website=Department of the Treasury |access-date=16 February 2017 |archive-date=17 February 2017 |archive-url=https://web.archive.org/web/20170217062856/https://www.treasury.gov/connect/blog/Pages/Secretary-Lew-Sends-Letter-to-115th-Congress-on-Puerto-Rico.aspx |url-status=live }}</ref> "Without action before April, Puerto Rico's ability to execute contracts for Fiscal Year 2018 with its managed care organizations will be threatened, thereby putting at risk beginning July 1, 2017 the health care of up to 900,000 poor U.S. citizens living in Puerto Rico", according to a letter sent to Congress by the Secretary of the Treasury and the Secretary of Health and Human Services. They also said that "Congress must enact measures recommended by both Republicans and Democrats that fix Puerto Rico's inequitable health care financing structure and promote sustained economic growth."<ref name="Watson"/> Initially, the oversight board created under [[PROMESA]] called for Puerto Rico's governor [[Ricardo Rosselló]] to deliver a fiscal turnaround plan by 28 January. Just before that deadline, the control board gave the Commonwealth government until 28 February to present a fiscal plan (including negotiations with creditors for restructuring debt) to solve the problems. A moratorium on lawsuits by debtors was extended to 31 May.<ref name="auto"/> It is essential for Puerto Rico to reach restructuring deals to avoid a bankruptcy-like process under [[PROMESA]].<ref>{{cite news |url=http://www.thefiscaltimes.com/latestnews/2017/01/18/Puerto-Rico-oversight-board-favors-more-time-restructuring-talks |title=Puerto Rico oversight board favors more time for restructuring talks |author=Nick Brown |agency=Reuters |date=18 January 2017 |work=The Fiscal Times |access-date=16 February 2017 |quote=The bipartisan, seven-member oversight board was created under the federal Puerto Rico rescue law known as PROMESA, passed by the U.S. Congress last year. It is charged with helping the island manage its finances and navigate its way out of the economic jam, including by negotiating restructuring deals with creditors. |archive-date=17 February 2017 |archive-url=https://web.archive.org/web/20170217145557/http://www.thefiscaltimes.com/latestnews/2017/01/18/Puerto-Rico-oversight-board-favors-more-time-restructuring-talks |url-status=live }}</ref> An internal survey conducted by the Puerto Rican Economists Association revealed that the majority of Puerto Rican economists reject the policy recommendations of the Board and the Rosselló government, with more than 80% of economists arguing in favor of auditing the debt.<ref>{{cite news |title=Economistas se Oponen a las Reformas para 'estimular la economía' |newspaper=El Nuevo Día |date=20 February 2017}}</ref> In early August 2017, the island's financial oversight board (created by PROMESA) planned to institute two days off without pay per month for government employees, down from the original plan of four days per month; the latter had been expected to achieve $218 million in savings. Governor Rossello rejected this plan as unjustified and unnecessary. Pension reforms were also discussed including a proposal for a 10% reduction in benefits to begin addressing the $50 billion in unfunded pension liabilities.<ref>{{cite web |url=https://www.cnbc.com/2017/08/04/reuters-america-puerto-rico-to-furlough-workers-proposes-pension-plan-reform.html |title=Puerto Rico to furlough workers, proposes pension plan reform |first=Daniel |last=Bases |date=4 August 2017 |website=Cnbc.com |access-date=26 August 2017 |archive-url=https://web.archive.org/web/20170806222116/https://www.cnbc.com/2017/08/04/reuters-america-puerto-rico-to-furlough-workers-proposes-pension-plan-reform.html |archive-date=6 August 2017 }}</ref> Summary: Please note that all contributions to Christianpedia may be edited, altered, or removed by other contributors. If you do not want your writing to be edited mercilessly, then do not submit it here. 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