Puerto Rico Governor Alejandro García Padilla has outlined a new five-year plan to address Puerto Rico’s debt crisis. The plan includes raising the tuition at University of Puerto Rico, cutting investment in healthcare, and contracting for-profit companies to run public roads and ports. In return, the plan calls for debt restructuring that would require hedge funds and other creditors to voluntarily accept reduced payments. On Wednesday, Governor Alejandro García Padilla called on hedge funds to come to the negotiating table.

Gov. Alejandro García Padilla: “Now, the most important conclusion from this plan is that even if we impose all the measures in it, it would not be sufficient to meet the needed equilibrium. The massive public debt of Puerto Rico is an impediment to growth. That’s why the time is now that the creditors come to the table and share the sacrifice.”