FOR IMMEDIATE RELEASE
Contact: Ryan Williams
January 11, 2016
PUERTO RICO ECONOMIC RECOVERY INITIATIVE LAUNCHES TO HIGHLIGHT HUMAN IMPACT OF DEBT CRISIS
New Organization Will Educate Public About Need For Congressional Action To Address Emergency
Washington – The Puerto Rico Economic Recovery Initiative (PRERI), a new non-profit organization dedicated to educating the public about the human impact of Puerto Rico’s debt crisis, today announced its formation. Javier Ortiz, a partner at Falcon Cyber investments, will serve as Executive Director of the group.
“This is a humanitarian crisis, and inaction is not an option,” said Mr. Ortiz. “Over the past few years, an average of 48,000 people are departing Puerto Rico every year for the mainland to find a better way of life – many of them doctors, scientists, technology experts and other high-level professionals. This has eroded the state of services on the island and compounded Puerto Rico’s problems. The island’s tax base is shrinking, disrupting the ability to repay debts, make pension payments and provide for much needed services. Massive debt restructuring, constructive oversight and access to the safety net fabric every American enjoys on the mainland would go a long way to help revive Puerto Rico’s stagnant economy.”
PRERI believes that the following principles must be incorporated in any serious solution to address Puerto Rico’s debt crisis:
· Swift action to alleviate humanitarian suffering on the island
· Long term debt restructuring tied to economic growth
· A promptly appointed and independent control board to help restore Puerto Rico’s fiscal integrity
· Tax restructuring with strong consideration of restoring Section 936 of the U.S. Federal income tax code and other economic development tools.
PRERI will evaluate proposals to address the debt crisis and help to educate the public and opinion leaders about the need for immediate action.
The Puerto Rico Economic Recovery Initiative (PRERI) is a new non-profit organization dedicated to educating the public about the human impact of Puerto Rico’s debt crisis. For more information, please visit us at www.FixPuertoRico.org follow us on Twitter or connect with us on Facebook.