Puerto Rico's fiscal challenges not over: governor

By Richard Cowan WASHINGTON (Reuters) - Puerto Rico, the U.S. commonwealth that recently declared a historic default, could be shut out of debt markets for two more years as it battles with fiscal challenges, the island's governor said on Tuesday. Governor Alejandro Garcia Padilla said emergency fiscal measures in response to a $70 billion debt were not sustainable and that "Puerto Rico will not endure any more austerity." He said a new law enacted by Washington allowing the federal government to appoint a control board would undercut self-government, but added it would help the island confront its fiscal problems. "It will take maybe two years until the market opens back to Puerto Rico if we do the right thing," Garcia Padilla said, adding the government had been producing fiscally sound budgets that would help win back creditors.