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put your ego needs to take drastic steps to fix its faltering economy which faces a critical tipping point this week , a new report obtained by reuters by former international monetary fund officials suggesting porto rico take the unprecedented step of restructuring its bloated government debt and make dramatic spending cuts including cutting the number of teachers and raise property taxes in what was a damning review of how it arrived at its current state the island is loaded with a seventy three billion dollar debt and facing crunch time this week with several bond payments do while it's struggling power utility company tries to avoid a possible default but governor all a hundred garcia padilla admitted the island can not pay that debt according to a new york times story on sunday he added that creditors would likely have to take big concessions such as five year payment deferrals to pull porto rico out of what he called a death spiral other reform suggested in the report include suspending the minimum wage and reducing electricity and transportation because , governor padilla is expected to give a televised address on monday