“Puerto Rico has the population of Connecticut and an economy smaller than Nebraska’s. It also has more debt — $74 billion — than any U.S. state government except California, New York and Massachusetts. The debt, a result of financial mismanagement, Wall Street complicity and good intentions gone awry, will limit the territory’s ability to rebuild after being destroyed by a hurricane. New questions as to whether the hobbled island will be able to repay weigh on investors far beyond the Caribbean island.”
https://www.bloomberg.com/quicktake/puerto-ricos-slide
Don’t have the means to deal with your own problems? Borrow money … how progressive.
Yeah, blah blah bla Wallstreet … but no one held a gun to their heads to issue those bonds and, all too typically, the whole thing was built on the folly of believing things won’t go south (or if they do someone else will pick up the tab). That worked for certain States and their pension funds, didn’t it?
