more-inPuerto Rico's federal oversight board on Friday indicated it may be losing confidence in the local government's resolve in turning the ailing island around, and intimated that employee furloughs could be in the offing. Earlier this year it helped Puerto Rico develop a 10-year fiscal turnaround plan, and is in charge of making sure it follows through. Mr. Carrion's letter lamented comments by government officials he viewed as downplaying “the truly dire fiscal situation” in Puerto Rico. In fact, Mr. Carrion said, the extra liquidity is just a piece of the puzzle. To avoid the furloughs and bonus cuts, Puerto Rico must also produce implementation plans that show it can meet a host of other cost-saving measures outlined in the turnaround plan.

Source: The Hindu June 17, 2017 02:37 UTC