NEW YORK, March 9 Puerto Rico's federally
appointed fiscal oversight board rejected on Thursday a fiscal
turnaround plan proposed by Governor Ricardo Rossello, saying it
did not comply with PROMESA, the restructuring law passed last
year by the U.S. Congress.
In a letter obtained by leading newspaper El Nuevo Dia and
posted on its website, the board said the plan to put the U.S.
Commonwealth on a sustainable fiscal path was insufficient.
"The Board has determined that the Proposed Plan does not
comply with the requirements set forth in PROMESA," the letter
said. Representatives of the board said it was not making the
letter public, and Rossello's office said it could therefore not
make the letter public either as a matter of protocol.
"The Proposed Plan does not provide a path to restructuring
debt and pension obligations to reach a sustainable level, and
ensuring funding of essential services for the people of Puerto
Rico," the letter said.
(Reporting By Daniel Bases; Editing by Jonathan Oatis)