Forget the dollar, let’s rebuild Puerto Rico | Gov Rosello begs bondholders

Following President’s Trump contemplated effort of wiping Puerto Rico’s debt so as to facilitate the rebuilding of the island, Puerto Rico governor Ricardo Rossello has however told bondholders not to worry and help in the restoration of the Hurricane damaged territory.

• Plea to bondholders

Puerto Rico’s debt of $72 billion coupled with the aftermath of Hurricane Maria has stoked fear among entities who hold Puerto Rican debt. The Governor however urged bondholders to look past the dollars and help the island secure money to rebuild from Congress.

Speaking on CNBC’s “Closing Bell”, Rosello told anchor Marcus Lemonis: “We’re all one right now, and what we need to do is go to Congress, ask for a real aid package for Puerto Rico and make sure that we can have the initial conditions so that we can get out of the emergency phase but start rebuilding. And rebuilding better than ever. That is better for all of the bondholders, all of the stakeholders and all of the people in Puerto Rico”.

• The cogent projects

It still remains a doubt whether President Trump will be able to follow through on his idea, but the island needs to rebuild its pharmaceutical capabilities and revamp its tourism business, Rossello said, while also pleading for an aid package from Congress that would help.

• Puerto Rico will rebuild without much cash

With a reassuring will to judiciously utilise the cash Puerto Rico can boast of and continuing in his trail of budgets cuts, Rosello said Puerto Rico will have to rebuild without much cash.

“So our commitment to make changes in government to make sure it’s a more effective economy, to put things into the private sector’s hands so that they can develop it, is still there,” he said.

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