Commentary
Puerto Rico’s tortuous path out of insolvency offers hard lessons for U.S. states piling on debt as if there were no tomorrow. Creditors counting on a federal bailout should brace for substantial haircuts.
The Puerto Rican flag flies near the Capitol building as the island's residents deal with the government's $72 billion debt in San Juan, Puerto Rico, on July 1, 2015. Joe Raedle/Getty Images
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Fergus Hodgson
Author
Fergus Hodgson is the director of “ Econ Americas”, a financial consultancy, and publisher of the “ Impunity Observer” , a geopolitical intelligence service. He is the author of “ Financial Sovereignty for Canadians: Untether Yourself from the Ottawa Leviathan (2024).”
