Puerto Rico governs by keeping the lights out. Mary Anastasia O'Grady @WSJOpinion

Dec 03, 2017, 02:47 AM

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Puerto Rico governs by keeping the lights out. Mary Anastasia O'Grady @WSJOpinion

Then again Mr. Ramos was a political hire and may have lacked the necessary utility experience to handle the crisis. And Mr. Rosselló almost certainly didn’t want to give creditors—whom the Promesa board has already sidelined—new leverage over an institution that, according to Puerto Rican tradition, is part of his fiefdom.

Now Mr. Rosselló is asking for $94 billion in aid from Washington for reconstruction costs. But he’s refused to implement furloughs and pension cuts mandated by the Promesa board. In August the board sued him for that. The matter was dropped after Maria hit and so was the broader board-certified fiscal plan requiring Puerto Rico to tighten its belt.

https://www.wsj.com/articles/puerto-rico-doesnt-want-reform-1511730516