On Puerto Rico, Congress Once Again Fails to Do the Obvious

When Alejandro García Padilla, the governor of Puerto Rico, announced that the island’s Government Development Bank would not pay its creditors an installment that was due on Sunday, he effectively put the territory into partial default. But what he really did was to acknowledge a hard fact: Puerto Rico owes far more money than it can possibly repay, and no one’s interests—least of all its citizens’—are being served by pretending otherwise.

See the rest of the story at newyorker.com

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