Puerto Rico Gov. Alejandro Garcia Padilla addressed the commonwealth about the island's struggling economy.

Garcia Padilla noted the financial report commissioned by his government, conducted by former World Bank and International Monetary Fund (IMF) experts and economists, was the first time a "thorough analysis" of Puerto Rico's fiscal situation was conducted for the next 10 years.

"The news I must convey is not easy," said the Puerto Rico governor. "But as always, and just like you, I am convinced that we can overcome any crisis when we are united."

Garcia Padilla later added, "The report puts us face to face with a harsh reality. Our public debt, considering the current level of economic activity, is unpayable. Furthermore, the size of that debt impedes us from exiting the cycle of recession and contraction. Facing a situation like this, we must all assume our responsibility.

"Let me be clear: This is not about politics. This is about math," said the governor during a late afternoon address on Monday afternoon.

According to Garcia Padilla, Puerto Rico inherited nearly $70 billion of debt -- a figure he claimed "is essentially the same" as two years ago. He denied allegations that the debt is solely the result of loans and wants everyone to take responsibility. He also placed some blame on the previous administration for confronting the debt.

"[The] report found antiquated methods of accounting, public corporations without their own form of income, a lack of fiscal controls and reliable statistics, that among many other factors conspired against the goodwill of many public servants to produce the reality we now face," said Garcia Padilla.

The notion that tax increase and cutting back spending would alleviate the problem was dismissed, as the governor said it still would not solve the debt.

"On the other hand, if we continue to assume debt to cover the deficits of government agencies, corporations or the pension funds, the report reveals that by 2025 the debt will have doubled," Garcia Padilla stated. "So, from a little over $70 billion today, to over $140 billion in only ten years -- a sum which would be equal to over $40,000 owed by every single man, woman and child in Puerto Rico."

The governor did reveal he will not accept all proposals in the report, such as negative impacts on education. He also will not impact the minimum wage for workers.

Garcia Padilla said he will work with legislators on modernizing laws for job creation. He also wants the private sector to be the main job promoter instead of the government. He also appealed for help from Washington, D.C. for some protections.

"These are not easy times that we have had to live," said Garcia Padilla. "But if we battle together, against any enemy, against any crisis, united, Puerto Rico will prevail."

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