(The following is a translation from Spanish of a speech delivered by Puerto Rico Gov. Alejandro García Padilla Tuesday afternoon in San Juan, Puerto Rico.)
Good afternoon, everyone.
As a famous poet would say: "He who has not faced adversity does not know his own strength."
Thirty five days ago I told you Puerto Rico shall overcome and the will of the people is bigger than their problems.
Today those maxims begin to prove to be correct.
I am pleased to announce that the issuance of bonds necessary to meet the obligations of the government for the next 18 months has been completed successfully. The interest payable on the issue is much less than what many people had predicted. In fact, it is less than 8.75%.
Over and gone are the prophets of doom, who predicted percentages of 10, 11 and 12; those who said that Puerto Rico could not pay its debts; and those who thought that "default" was imminent.
Gone are those who, without knowing us, have compared us to Detroit and Greece.
Gone are those who thought we would not have access to the market.
Gone are those who predicted that we would not have money to pay the payroll, or we would have to close the government.
Our public employees and those receiving government services can be confident that the government will continue its services and operations.
Today we have given a taste of the value and courage, and dedication and will power of the world's largest people as measured on the scale of determination and bravery.
I told you 35 days ago that my government is not responsible for the degradation, but we will be responsible for getting us out of it.
To achieve this, it is forbidden to look back.
The success of this issue is a clear message about investor confidence in the plan that my administration has developed to address the fiscal situation in which they had left our country. It also shows transparency and clarity with which this transaction was handled. All this allows our plan to move toward sustainable economic growth.
It is not to be triumphalist, because we still have road to travel.
Now to submit a balanced budget without laying-off people. Now to make public corporations self-sufficient, and most importantly, boost economic development.
Thank God almighty and all who worked last year to make this transaction possible. To our finance team, David Chafey, Melba Acosta, Carlos Rivas, José Pagán, José Guzmán Coleman and Natalia Guzman. In [the governor's office of] Fortaleza, to my advisors headed by the Chief of Staff Ingrid Vila.
Similarly, thanks to the members of the legislative assembly, led by Eduardo Bhatia and Jaime Perell-, for supporting the necessary legislation to enable this moment.
Hands on recovery, Puerto Rico will overcome.
