Puerto Rican officials proposed a new financial control board and the restructuring of US$18 billion dollars of debt due in the next five years as part of a long anticipated plan to pull the island out of a wrenching fiscal crisis. The plan drawn up by a task force created in June by Governor Alejando Garcia Padilla anticipates the island running out of money by next May or June. Even with sweeping spending cuts, Puerto Rico needs concessions from bondholders that include big Wall Street hedge funds. teleSUR