Control board outlines measures to fight Puerto Rico crisis

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A federal management board overseeing Puerto Rico's funds is giving the governor an inventory of proposals to show across the U.S. territory's financial system. The options embrace downsizing the federal government, privatizing ports and charging vacationers extra for sure providers.

The board says Puerto Rico must take swift motion as a result of it faces a bigger deficit than initially projected at $68 billion, along with almost $70 billion in public debt.

The board's letter to the governor on Tuesday urges him to think about privatizing authorities belongings similar to ports, implementing labor, power and tax reforms, looking for public-private partnerships and slicing non-essential providers.

The board just lately rejected a fiscal plan submitted by Gov. Alejandro Garcia Padilla, who has refused to revise the plan to incorporate austerity measures.

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