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By Nick Brown and Megan Davies

SAN JUAN/NEW YORK, Sept 9 (Reuters) Puerto Rico uk canada goose outlet officials proposed cuts to teacher pensions, a new financial control board and restructuring $18 billion of debt due in canada goose coats the coming five years, as part of a long anticipated plan unveiled on Wednesday Canada Goose Coats On Sale to pull the https://www.canadagooseoutletstore.co.uk buy canada goose jacket cheap island out of a canada goose uk shop wrenching fiscal crisis.

canadian goose jacket The financial overhaul plan, drawn up by a task force created in June by Governor Alejandro Garcia Padilla, anticipates canada goose store the island running out of money by next May or June. canadian goose jacket

canada goose clearance sale Even with sweeping spending cuts, Puerto Rico needs concessions from bondholders who include mom and pop cheap Canada Goose investors and big Wall Street hedge funds, according to the plan. canada goose clearance sale

canada goose coats on sale creditors are not willing to partake in this process, Puerto Rico will have no alternative but to proceed without them, Garcia uk canada goose Padilla said in a public address. canada goose coats on sale

path. will result in canada goose factory sale years of litigation and defaults and a major humanitarian crisis. It will force us to choose between paying a creditor, a teacher, a policeman or a nurse.

Canada Goose sale Garcia Padilla administration now faces the hurdle of trying to implement it in the face of potential legislative gridlock and possible resistance from teachers unions. Canada Goose sale

canada goose store Puerto Rico has suffered Canada Goose online nearly a ddecade of recession. mainland each year. canada goose store

Only Canada Goose Outlet 40 percent of the working population is in the workforce and island pensions face canada goose combined unfunded liabilities that topped $37 billion in fiscal year 2013.

cheap Canada Goose Of that, $18 billion in principal and interest are due in the next five years, and this Canada Goose Online piece is targeted for restructuring, according to working group officials. This includes general obligation debt widely seen as sacrosanct by the municipal bond market and bonds backed by sales tax called COFINA bonds. cheap Canada Goose

canada goose clearance Puerto Rico general obligation bonds due 2035 canada goose clearance traded at 72.75 on canadian goose jacket the dollar Wednesday versus 74.30 late Tuesday, according to Electronic Municipal Market Access. canada goose clearance

canada goose deals The plan anticipates Canada Goose Jackets that tax increases and spending cuts would generate around $12 billion of a $28 billion budget gap canada goose uk outlet by 2020, while economic growth would reduce canada goose coats on sale the shortfall by another $2 billion. canada goose deals

Working group officials said there remains still a deficit of roughly $12 billion to $13 billion that needs to be eliminated. The working group said that only $5 billion would remain for debt service on the $18 billion.

Canada Goose Outlet That could mean difficult negotiations with creditors. The commonwealth will follow the approach it adopted with restructuring PREPA, a deal it canada goose uk black friday struck earlier this month that saw bondholders accept a 15 percent reduction in their principal, a member of the working group said. Canada Goose Outlet

Canada Goose Jackets The plan also recommends a voluntary exchange offer be made to creditors. Canada Goose Jackets

buy canada goose jacket CONTROL BOARD, CUTS Planned reforms include imposing a control board on the island finances, according to working group officials. This could be made up of members suggested by creditors as well as Canada Goose sale the Federal government. That board would be selected by the Governor from nominees selected independently, the working group said. buy canada goose jacket

The canada goose clearance sale group also recommended cutting the size of the department of jacket education Canada Goose Parka through school closures, attrition and changes to teachers pensions, and cutting subsidies to the University of Puerto Rico and to some cities and towns, according to background materials provided.

canada goose Addressing Puerto Rico inefficient tax collection, the cheap canada goose uk group suggested overhauling collection methods and changing canada goose black friday sale tax laws to promote growth. canada goose

It advised continuing to invest in infrastructure, diversifying energy sources, and reducing central government spending through attrition and potentially by changing pensions.

canada goose coats The group also said Puerto Rico must control healthcare costs by standardizing health protocols, and buy canada goose jacket install new accounting systems. canada goose coats

Canada Goose Parka NEXT HURDLES But questions remain over the plan political chances. Passing legislation could be an uphill climb, especially 14 months ahead of a gubernatorial election in which the opposition party, which may not be inclined to continue the reforms, is expected to make a strong push for power. Canada Goose Parka

buy canada goose jacket cheap There is also the possibility of public opposition, including protests from University of Puerto Rico students and labor interests. (Reporting by Nick Brown and Megan Davies; editing by Frances Kerry and Alan Crosby) buy canada goose jacket cheap.

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