Puerto Rican Government Seeks Bankruptcy
In this update, the Puerto Rican government wants to declare bankruptcy.
And the territory’s governor needs Washington’s help to do so.
He’s asking the government to let it file for chapter 9.
Right now, only cities and other municipalities can file for bankruptcy protection.
Similar to what Detroit did two years ago.
Puerto Rico has one of the lowest possible credit ratings.
It’s debt is rated as “junk.”
The territory owes about 73-billion dollars it can’t pay.