In November, 2014, I gave a speech in Puerto Rico outlining 5 things that Puerto Rico needed to do to avoid default & bankruptcy:
- Implement a multi-year budget plan, instead of merely focusing on the next 365 days;
- Improve disclosure for all investors, not just privileged large funds and companies with “confidential” access to current financial information (PREPA);
- Institute regular meetings with bond raters, not merely to discuss what has occurred, but to present an image of where Puerto Rico was going;
- Establish stronger polices and a clear role for using the Government Development Bank to support stronger financial policies for itself and the Commonwealth; and
- Mount a strong, positive public relations campaign to improve Puerto Rico’s “tarnished image”, similar to the “I New York” campaign of the 1970’s.