Speaking in Boston, Preisdent Leonel Fernandez told reporters that the renegotiations for the debt held by bondholders and foreign banks would take about three more months. This would be a restructuring of the debt of US$2.0 billion. Fernandez said that the government had contracted a private investment bank to supervise the renegotiation process, one of the points within the agreements with the Paris Club and the IMF. The Dominican Republic must restructure its debt load if US$1.1 billion in sovereign bonds and US$800 million with foreign banks. At the same time the government will try to renegotiate the debt it inherited from the previous administration that bought back the shares of the Spanish company Union Fenosa in EdeSur and EdeNorte power distribution companies. Fernandez spoke to reporters after giving a talk at MIT on the economic outlook of the Dominican Republic.