puerto rico federally appoint financial oversight board say friday institute two-day per month work furlough government employees defiant governor ricardo rossello reject measure hand plan originally envision four-day per month furlough set begin sept. last throughout 2018 fiscal year effort achieve 218 million save exclude frontline law enforcement personnel rossello openly challenge board authority impose belt-tightening measure bankrupt u.s. territory however furlough part board efforts implement fiscal change achieve 880 million save right-sizing government fiscal year ensure island long-term economic viability natalie jaresko executive director oversight board say government offer number ideas achieve save speak webcast board ninth public meet say government fall short meet require money-saving goals however furlough could scale back eliminate early sufficient save achieve per government fiscal plan board say rossello televise address late friday say furlough unjustified unnecessary also highlight statement release office public sector cutbacks budgetary save result high expect financial reserve accept execute furlough submit today financial oversight management board rossello say board create federal puerto rico rescue law know promesa rossello say section 205 promesa law mean board make recommendations impose change furlough would represent 340 million hit economy current fiscal year say puerto rico treasury secretary raul maldonado tell reuters wednesday preliminary tax collections july first month fiscal 2018 run 20 million 30 million ahead forecast board member andrew biggs speak commonwealth current state affairs stark term meet simple fact government puerto rico run money say add difficult step raise tax cut spend something board government alike choice do puerto rico seek restructure roughly 72 billion debt another near 50 billion unfunded pension liabilities struggle flight residents u.s. mainland 45 percent poverty rate reform pension system among measure discuss friday board meet would include 10 percent cut benefit adrift debt interactive click graphic mutual fund puerto rico bankruptcy tangle click puerto rico oversight board order furlough governor defiant