Puerto Rico: Economically, the 'Greece of the Caribbean'?
The US Congress can impose federal laws on the island and can veto any legislation enacted by the Puerto Rican government. Moreover, unlike Detroit and states in the Union, Puerto Rico is barred from declaring bankruptcy and restructuring its debt.
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'I hope my town can help me.' Northfield woman says compressor siting
“If it's too distressing and unpleasant to live there, we would have to just leave and abandon our property, default on our mortgage and declare bankruptcy,” she said. “We won't ever be able to own a home again and after working your whole life to own …
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In Puerto Rico Debt Talks, Things Are Heating Up
Puerto Rico lobbyists, meanwhile, are fighting on Capitol Hill to clear a potential path to bankruptcy. As a commonwealth, the island is currently excluded from chapter 9 of the U.S. bankruptcy code, the statute that covers municipalities like Detroit …
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