Puerto Rico governor says he wants to improve, not 'destroy,' PREPA restructuringNEW YORK (Reuters) - Puerto Rico Governor Ricardo Rossello said on Monday he does not want to “destroy” the pending debt restructuring deal for the island’s ailing power utility, but wants to “get a better one” as the U.S. territory’s fiscal situation worsens. Rossello said in an interview that he was invited to Washington for a U.S. congressional hearing on March 22 to discuss the fate of Puerto Rico Electric Power Authority, also known as PREPA. The new governor said he is aware that his unwillingness to rubber-stamp the existing deal, whereby PREPA’s creditors would take a 15 percent cut on their $8 billion in debt, has vexed stakeholders who thought they were close to a resolution.  But Puerto Rico’s financial picture has deteriorated since the deal was first struck, the governor said, adding that he is willing to renegotiate within the existing framework. “If I didn’t care, I would have just blown the deal up,” Rossello told Reuters. “I’m not here to destroy a deal, I’m here to get a better one, based on the reality that things have changed.”  PREPA’s fate is one of the most contentious issues on an island facing $70 billion in debt. It was a focal point at Monday’s public meeting in New York of the island’s federally appointed financial oversight board. During the meeting, the oversight board approved Rossello’s revised blueprint to steer the island out of economic crisis. [nL2N1GQ0TY]. The board voiced support for Rossello’s efforts to extract deeper concessions from PREPA creditors. They have grumbled privately that his opposition to the deal is political since it dates back more than a year to his predecessor’s time in office. The U.S. House Committee on Natural Resources said it would hold a hearing on the status of the deal.  Rossello said he “received an invitation” to the hearing. “I’ll be there,” he said, but would not say if he had been subpoenaed.  Rossello also discussed austerity measures ordered by the board as conditions for its approval of the fiscal plan, including reducing pension spending by 10 percent. The governor said he would not cut benefits to the island’s most vulnerable retirees.  “The board and I are a little over $100 million apart there... and I don’t see any way I can reduce pensions of people already having a hard time getting medications and things,” he said. Rossello believes the island will avoid other austerity measures including furloughs and cuts to Christmas bonuses that the board has directed the utility to impose if it cannot find another $200 million to shore up its accounts by April 30. “I’m very confident we’ll have $200 million in reserve cash, so that we can jump over that obstacle,” he said.  politicsNews
puerto rico governor says wants improve prep restructuringnew york reuters puerto rico governor ricardo russell said monday want destroy pending debt restructuring deal island ailing power utility wants get better one territory fiscal situation worsens russell said interview invited washington congressional hearing march discuss fate puerto rico electric power authority also known prep the new governor said aware unwillingness existing deal whereby prep creditors would take percent cut billion debt seed stakeholders thought close resolution but puerto rico financial picture deteriorated since deal first struck governor said adding willing negotiate within existing framework if i care i would blown deal russell told reuters i destroy deal i get better one based reality things prep fate one contentious issues island facing billion debt it focal point monday public meeting new york island federally appointed financial oversight board during meeting oversight board approved russell revised blueprint steer island economic crisis the board voiced support russell efforts extract deeper concessions prep creditors they stumbled privately opposition deal political since dates back year predecessor time office the house committee natural resources said would hold hearing status deal russell said received invitation hearing i said would say subpoena russell also discussed austerity measures ordered board conditions approval fiscal plan including reducing pension spending percent the governor said would cut benefits island vulnerable retirees the board i little million apart i see way i reduce pensions people already hard time getting medications things said russell believes island avoid austerity measures including furlongs cuts christmas bonuses board directed utility impose find another million shore accounts april i confident million reserve cash jump obstacle said politicsnews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: Puerto Rico governor says he wants to improve, not 'destroy,' PREPA restructuringNEW YORK (Reuters) - Puerto Rico Governor Ricardo Rossello said on Monday he does not want to “destroy” the pending debt restructuring deal for the island’s ailing power utility, but wants to “get a better one” as the U.S. territory’s fiscal situation worsens. Rossello said in an interview that he was invited to Washington for a U.S. congressional hearing on March 22 to discuss the fate of Puerto Rico Electric Power Authority, also known as PREPA. The new governor said he is aware that his unwillingness to rubber-stamp the existing deal, whereby PREPA’s creditors would take a 15 percent cut on their $8 billion in debt, has vexed stakeholders who thought they were close to a resolution.  But Puerto Rico’s financial picture has deteriorated since the deal was first struck, the governor said, adding that he is willing to renegotiate within the existing framework. “If I didn’t care, I would have just blown the deal up,” Rossello told Reuters. “I’m not here to destroy a deal, I’m here to get a better one, based on the reality that things have changed.”  PREPA’s fate is one of the most contentious issues on an island facing $70 billion in debt. It was a focal point at Monday’s public meeting in New York of the island’s federally appointed financial oversight board. During the meeting, the oversight board approved Rossello’s revised blueprint to steer the island out of economic crisis. [nL2N1GQ0TY]. The board voiced support for Rossello’s efforts to extract deeper concessions from PREPA creditors. They have grumbled privately that his opposition to the deal is political since it dates back more than a year to his predecessor’s time in office. The U.S. House Committee on Natural Resources said it would hold a hearing on the status of the deal.  Rossello said he “received an invitation” to the hearing. “I’ll be there,” he said, but would not say if he had been subpoenaed.  Rossello also discussed austerity measures ordered by the board as conditions for its approval of the fiscal plan, including reducing pension spending by 10 percent. The governor said he would not cut benefits to the island’s most vulnerable retirees.  “The board and I are a little over $100 million apart there... and I don’t see any way I can reduce pensions of people already having a hard time getting medications and things,” he said. Rossello believes the island will avoid other austerity measures including furloughs and cuts to Christmas bonuses that the board has directed the utility to impose if it cannot find another $200 million to shore up its accounts by April 30. “I’m very confident we’ll have $200 million in reserve cash, so that we can jump over that obstacle,” he said.  politicsNews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: puerto rico governor says wants improve prep restructuringnew york reuters puerto rico governor ricardo russell said monday want destroy pending debt restructuring deal island ailing power utility wants get better one territory fiscal situation worsens russell said interview invited washington congressional hearing march discuss fate puerto rico electric power authority also known prep the new governor said aware unwillingness existing deal whereby prep creditors would take percent cut billion debt seed stakeholders thought close resolution but puerto rico financial picture deteriorated since deal first struck governor said adding willing negotiate within existing framework if i care i would blown deal russell told reuters i destroy deal i get better one based reality things prep fate one contentious issues island facing billion debt it focal point monday public meeting new york island federally appointed financial oversight board during meeting oversight board approved russell revised blueprint steer island economic crisis the board voiced support russell efforts extract deeper concessions prep creditors they stumbled privately opposition deal political since dates back year predecessor time office the house committee natural resources said would hold hearing status deal russell said received invitation hearing i said would say subpoena russell also discussed austerity measures ordered board conditions approval fiscal plan including reducing pension spending percent the governor said would cut benefits island vulnerable retirees the board i little million apart i see way i reduce pensions people already hard time getting medications things said russell believes island avoid austerity measures including furlongs cuts christmas bonuses board directed utility impose find another million shore accounts april i confident million reserve cash jump obstacle said politicsnews