Puerto Rico Governor 'Open' to Creditor Talks

The transcript discusses the implications of the PROMESA law on Puerto Rico's negotiations with creditors. It highlights the cancellation of a meeting due to the creation of an oversight board and the increased leverage Puerto Rico now has due to litigation protection. The discussion also covers expectations for future payments and the role of the oversight board in legislative decisions, emphasizing the balance between federal intervention and local governance.

What was the initial reaction of creditors to the passage of the PROMESA law?

• They filed a lawsuit against the law.

• They canceled a scheduled meeting.

• They immediately agreed to negotiate.

• They increased their demands.

How did PROMESA change the legal landscape for Puerto Rico?

• It stopped all ongoing litigation against the Commonwealth.

• It removed the need for an oversight board.

• It allowed for new loans to be taken.

• It increased the Commonwealth's debt.

What is one of the main concerns regarding the federally appointed oversight board?

• It may not prioritize the welfare of Puerto Rico's citizens.

• It will eliminate all local government powers.

• It will increase the Commonwealth's debt.

• It will lead to higher taxes.

What is the purpose of the seven-member oversight board created by PROMESA?

• To oversee the restructuring of Puerto Rico's debt.

• To eliminate Puerto Rico's local government.

• To manage Puerto Rico's tourism industry.

• To increase federal taxes in Puerto Rico.

What fiscal change did the government of Puerto Rico achieve under the new budget?

• Doubled the budget for infrastructure.

• Eliminated all public debt.

• Reduced expenditures to $9.1 billion.

• Increased spending to $15 billion.