Inside the Billion-Dollar Battle for Puerto Rico’s Future
The New York Time recently posted a detailed article about the financial challenges that the island faces and what it could mean for the island's future. At the heart of th debate: should local citizens take priority over repayments to wealthy bondholders? What precendent would this bankruptcy set for other struggling states?
"The fight over the island’s future is stretching from the oceanside neighborhoods of San Juan, where a growing number of wealthy investors and financial professionals have migrated in recent years to exploit generous tax breaks, to Capitol Hill. Their efforts are being closely watched by financial institutions, labor unions and policy makers on the mainland, where many ordinary investors own Puerto Rican bonds through mutual funds."