With its creditors at its heels and its coffers depleted, Puerto Rico sought bankruptcy relief in federal court on Wednesday, the first time in history that an American state or territory had taken the extraordinary measure. While the court proceedings could eventually make the island solvent for the first time in decades, the more immediate repercussions will likely be grim: Government workers will forgo pension money, public health and infrastructure projects will go wanting, and the “brain drain” the island has been suffering as professionals move to the mainland could intensify.
https://www.nytimes.com/2017/05/03/business/dealbook/puerto-rico-debt.html?_r=TheCenterNews.com
