Dr. Alameda has refuted the reliability of the COFINA Plan and the sustainability of the debt restructuring for Puerto Rico’s sales tax -backed bonds. In essence, Dr. Alameda concludes that it can be reliably foreseen that the COFINA Plan will bring many unreasonable and negative economic and social consequences for Puerto Rico, that this Honorable Court is now in the position to prevent, such as the impairment of the resources available to pay for essential services and for the pensions of more than 167,000 retirees. Dr. Alameda’s findings could be summarized in the following: (1) the COFINA Plan is uncertain and totally unreliable; (2) the COFINA Plan cannot be consistent with the Fiscal Plans because they are uncertain and totally unreliable; (3) the Fiscal Plans and the COFINA Plan are not feasible; (4) the Fiscal Plans and the COFINA Plan do not ensure the funding of essential public services; (5) the Fiscal Plans and the COFINA Plan do not provide adequate funding for public pension systems; (6) the Fiscal Plans and the COFINA Plan do not provide for the elimination of structural deficits; and, (7) before or after 2034, the Fiscal Plans and the COFINA Plan will lead Puerto Rico to another default of payment in the bondholders obligations. In sum, the Fiscal Plans are not economically feasible and lack scientific reliability to develop dependable revenue and expenditures projections, which are indispensable to address the confirmation of the COFINA Plan. ”
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