Political Quotes

“My colleague is right. It is a real concern in the legislation as it appears. It says here, to read to my colleague: ``The Oversight Board shall determine in its sole discretion whether each proposed Budget is compliant with the applicable fiscal plan.'' There are other sections here, to go to the Senator's particular question, which say: Before the board ever considers--if it ever does-- access to restructuring, it is going to, in essence, if you read the language, not only urge but it is going to judge as to whether Puerto Rico worked out a deal with its creditors, including the vulture funds. It can hold Puerto Rico to such a standard in its sole discretion because we don't define in the legislation what is the standard of a reasonable attempt to compromise with your creditors. That is fine, a reasonable attempt to compromise with your creditors, but if your creditors believe they have you by the neck and they want to continue to squeeze and they believe there is a control board that is going to back them up and allow you to squeeze, and every time Puerto Rico comes to the Governor of Puerto Rico, who has no vote or say here, except to recommend--comes to the control board and says: Guess what. We have tried and tried, and we have negotiated in good faith with these creditors, including vulture funds, but we can't come to an agreement because they want too much, and we have to provide police services, fire service, education, and health care.…”