Puerto Rico

Board: Puerto Rico to be hit with painful austerity measures

The newly appointed head of a federal control board that oversees Puerto Rico's finances warned on Tuesday that the U.S. territory will be hit with painful austerity measures in upcoming months.

Interim Director Ramon Ruiz said there are no other options given the island's dire economic situation and recommended that the government act quickly.

"We allowed this to reach too critical of a point," he said. "Everyone will be impacted by the decisions that will be made."

Gov. Ricardo Rossello has until next Tuesday to submit a revised fiscal plan that will outline where the cuts will be made and what essential services will be affected.