A plan to restructure $22 billion of Puerto Rico debt and fix the bankrupt island’s unfunded pension system won’t have the support of Governor Pedro Pierluisi, Bloomberg News reported. The governor intends to file an objection regarding the restructuring plan to the court overseeing Puerto Rico’s record bankruptcy, Pierluisi said in a statement yesterday. The governor’s plan to oppose the debt agreement follows his signature earlier this month on legislation that prohibits additional cuts to public pensions. Puerto Rico owes current and future retirees $55 billion and pays about $2 billion annually from its operating budget to cover pension checks. Still, Pierluisi says that he supports the debt restructuring, but public workers shouldn’t have to take on additional benefit cuts after a 2013 overhaul of the pension system.
