CNE – Centro Para Una Nueva Economía – Center for a New Economy
Non-profit, economic research and policy development organization
Click on the link below to download the event’s agenda for the Center for a New Economy’s forum “Is a Federal Fiscal Control Board the Only Option for Puerto Rico?”. The event took place on March 2, 2016 at the National Press Club of Washington D.C. Or read the document below:
La crisis económica y fiscal de Puerto Rico ha generado una serie de debates sobre como atender una situación socioeconómica que se deteriora rápidamente. En términos generales, existe un consenso de que la solución a los problemas de Puerto Rico contiene por lo menos tres elementos.
The following piece was developed by our colleagues at the Center for Budget and Policy Priorities (CBPP). It was written by Nicholas Johnson, CBPP’s Senior Vice President for State Fiscal Policy, and it was originally published on CBPP’s website on February 9, 2016.
Puerto Rico’s drawn-out economic and fiscal crisis has prompted a series of debates on how to address a rapidly deteriorating socioeconomic situation. Amongst the options being discussed in the federal sphere is the establishment of a fiscal control board for Puerto Rico, similar to the one adopted in Washington DC, that would essentially command all aspects pertaining to government budgeting and spending. We strongly believe that this is not the only way forward.
“We are a country who has just discovered that Santa Claus doesn’t exist, a kid who catches Mom and Dad assembling gifts under the tree on Christmas Eve. It’s a shock.” Iram RamĂrez is Senior International Representative and International Coordinator of Field Services for the Office and Professional Employees International Union (OPEIU /AFL-CIO) in San Juan.
Al cierre del año no cabe duda que la larga saga de las finanzas pĂşblicas de Puerto Rico acaparĂł los titulares de negocios y economĂa durante el 2015. Dentro de esa extensa narrativa la falta de divulgaciĂłn por parte del gobierno de Puerto Rico de sus Estados Financieros Auditados (conocidos por sus siglas en inglĂ©s como “CAFR”) fue uno de los temas recurrentes, generando todo tipo de especulaciones y teorĂas—desde acusaciones de incompetencia hasta alegaciones francamente disparatadas sobre la existencia de complicadas conspiraciones para evitar su divulgaciĂłn.
Desde una perspectiva de buena gobernanza pĂşblica, resulta inaceptable que el gobierno de Puerto Rico no haya divulgado todavĂa sus Estados Financieros Auditados (“CAFR” en inglĂ©s) para el año fiscal 2014. Es preciso que Puerto Rico publique estos informes lo más pronto posible, o al menos que explique pĂşblicamente de forma clara, detallada y coherente las razones por las que no ha podido hacerlo.
As Washington debates whether or not to approve access by Puerto Rico to some version of Chapter 9 of the U.S. Bankruptcy Code, the negative implications of a disorderly default looms large on the horizon of both island residents and bondholders.
