The turnaround plan, a requirement of the federal Puerto Rico rescue law known as PROMESA, will serve as a 10-year blueprint for the island's ascent out of fiscal crisis. The plan will serve as a baseline for debt restructuring talks between Puerto Rico and creditors holding nearly $70 billion in bonds. In a speech to Puerto Rico's legislature on Tuesday, Rossello said the plan would save $1.6 billion in government spending - but without laying off public workers - by eliminating some tax incentives and cutting subsidies to municipalities.



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