washington puerto rico u.s. commonwealth recently declare historic default could shut debt market two years battle fiscal challenge island governor say tuesday governor alejandro garcia padilla say emergency fiscal measure response 70 billion debt sustainable puerto rico endure austerity say new law enact washington allow federal government appoint control board would undercut self-government add would help island confront fiscal problems challenge prosperity return overnight governor say discussion brook institution think tank washington take maybe two years market open back puerto rico right thing garcia padilla say add government produce fiscally sound budget would help win back creditors island shut debt market year cite fall debt level say moment opportunity puerto rico struggle high debt load weak economy years puerto rico default 779 million constitutionally back debt july among senior bond opt pay essential service citizens obligations creditors garcia padilla say puerto rican government would take step get fiscal affairs order therefore minimize meddle oversight board example say island government pass responsible budget control board would need impose fiscal plan garcia padilla say however government must become efficient improve fiscal situation do attrition rather lay workers ask reporter step could take shore puerto rico electric power authority prepa puerto rico aqueduct sewer authority prasa garcia padilla say prepa pretty advance able reduce lot debt relate prepa want prasa think able it puerto rico 's fiscal challenge governor