Sept 29 Puerto Rico's governor said on Thursday
he has proposed to the U.S. territory's fiscal oversight board a
timeline to present the board with a financial turnaround plan
in two weeks.
Governor Alejandro Garcia Padilla announced the timeline as
part of a televised address, ahead of the oversight board's
first meeting, scheduled for Friday morning in New York.
The oversight board was appointed by U.S. lawmakers and
President Barack Obama to manage Puerto Rico's finances and help
stabilize an economy suffering from a decade-long recession, $70
billion in total debt and a poverty rate of 45 percent.
Under the federal law that created the board, the island's
governor is tasked with presenting a financial turnaround plan,
which the board must revise and approve.
(Reporting by Nick Brown in New York; Editing by Matthew Lewis)