The executive director of Puerto Rico's Oversight Board is standing by the restructuring agreement that it reached with a portion of bondholders to address $35 billion of Puerto Rico's debt.
The agreement is on the framework for the plan of adjustment and would slash the amount of Commonwealth related bonds outstanding by more than 60% to less than $12 billion.
"I believe this is part of a process and you have to begin somewhere and you have to reach an agreement with some group, which we've done with the groups that were announced yesterday," Natalie Jaresko told CNBC'sin an exclusive interview. "And now that it's become public, we are very eager, willing to continue these discussions with all the other groups of creditors as well as the bond insurers," Jaresko said.
When asked about this point, Jaresko said "I don't think we should look at it as 90% of them not signing on, in the sense that there are different classes and different interests and you have to look at each class individually.
Assured Guaranty also stated that the company could not support "an agreement that would prolong expensive litigation, while harming Puerto Rico's long-term economic success and the national municipal bond market."
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