Puerto Rico governor defies new federal control board

Markets Associated Press

Puerto Rico's governor is already challenging a federal control board just created to oversee the finances of the U.S. territory and help pull it out of an economic crisis.

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Alejandro Garcia Padilla announced Monday that he will not submit an amended fiscal plan — the board's first request of the government. He said he believes new austerity measures will only worsen the crisis. Garcia insisted that the board restructure nearly $70 billion in public debt that he has said is unpayable.

Board members who met in Puerto Rico for the first time last week said the plan needs to be amended in part because it is not realistic and assumes federal financial help when there'll likely be none.

A board spokesman did not immediately return a message seeking comment.