$70billion or $12,000 per capita at a time with a 45% poverty rate and 14.2% unemployment that is more than twice the mainland U.S. average. The Commonwealth had been defaulting on many debts, including bonds, since 2015. Rosselló discussed the situation and sketched out his plans in an interview with the international Financial Times in mid January and indicated that he would seek an amicable resolution with creditors and also make fiscal reforms. "There will be real fiscal oversight and we are willing to sit down. We are taking steps to make bold reforms. ... What we are asking for is runway to establish these reforms and have Washington recognise that they have a role to play." He also implemented austerity measures, instructing Puerto Rican government agencies to cut operating expenses by 10% and reduce political appointees by 20%. To ensure funds would be available to pay for "essential" government services Rosselló signed a fiscal emergency law on January 28, 2017, that would set aside funds that might otherwise be required for debt payments. In late January, the federal control board created under PROMESA gave the government until February 28 to present a fiscal plan - including negotiations with creditors - to solve the problems. It is essential for Puerto Rico to reach restructuring deals to avoid a bankruptcy-like process under PROMESA. A moratorium on lawsuits by debtors was extended to May 31. Rosselló hired investment experts Rothschild & Co to assist in convincing creditors to take deeper losses on Puerto Rico's debts than they had expected. The company was also exploring the possibility of convincing insurers that had guaranteed some of the bonds against default, to contribute more to the restructuring, according to reliable sources. The governor also planned to negotiate restructuring of about $9billion of electric utility debt, a plan that could result "in a showdown with insurers". Political observers suggest that his negotiation of the electrical utility debt indicated Rosselló's intention to take a harder line with creditors. Puerto Rico has received authority from the federal government to reduce its debt with legal action and this may make creditors more willing to negotiate instead of becoming embroiled in a long and costly legal battle. On May 31, Rosselló unveiled his $9.56billion proposed budget for the 2018 fiscal year. The budget prioritized paying pensions, increasing spending in the island's health system, public safety, and transportation. At the same