Members of the newly appointed Puerto Rico Oversight Board don't know the depth of the fiscal problems they will have to address, said Richard Ravitch, the island government's non-voting representative to the board.
Ravitch said he had come to this conclusion after talking with several members. He added that he didn't mean to criticize them and that it wasn't surprising that they didn't understand the seriousness since they haven't been closely following Puerto Rico's governmental and economic situation.
"I think they are going up a learning curve," Ravitch said.
The board members are communicating with each other. The board will probably hold its first meeting in Washington, D.C. next week, he said.
Ravitch said he met with Puerto Rico Gov. Alejandro García Padilla on Monday. Puerto Rico's financial situation is substantially worse than it was this past winter; the government is in "deep'' distress, he said.
The Puerto Rico Oversight Management and Economic Stability Act requires that the board approve a chairperson by the end of the month. The board has seven voting members.
