Puerto Rico is now facing a $16 billion financing gap over the next five years, up from the $14 billion originally projected in September, commonwealth officials said Monday.
Top officials released a revised recovery plan that shows the debt burden is even greater than previously indicated.
The recovery plan, originally unveiled in September by a committee appointed by the governor shortly after he declared in June that the island's debt was not payable, was adjusted from a 5-year to a 10-year time frame. The move came after Puerto Rico's Treasury recently reported a reduction in revenue projections as the island's financial situation continues to decline.
In a call with reporters shortly before the modified plan was released publicly, senior Puerto Rican officials said that a substantial debt restructuring is required in order to bring the commonwealth's finances into balance.