4 ms·
The problem lies in the fact that Puerto Rico (unlike States and other municipalities in the United States) is unable to declare bankruptcy due to being a commo
by bliblah 7y ago
The problem lies in the fact that Puerto Rico (unlike States and other municipalities in the United States) is unable to declare bankruptcy due to being a commonwealth.
If they could then these financial institutions would be unable to raid the island's coffers.
- oh_sigh 7y agoUS states can't declare bankruptcy which seems the closest analog to what PR is
- occamrazor 7y agoHowever aren’t US states also obliged to run a balanced budget?
- oh_sigh 7y agoOkay, so PR isn't obliged to run a balanced budget, and they sold bonds that were beyond their ability to repay, and so the people asking for the bonds to be repaid are the bad guys here?
- deleted 7y ago[deleted]