Puerto Rico Gov. Unlike states, Puerto Rico is not allowed to restructure its debt under Chapter 9 bankruptcy. Puerto Rico’s decision to seek protection from creditors did not surprise analysts, who said it was a necessary step toward solving the island’s crippling financial woes. “Puerto Rico has been living on borrowed time,” said Brad Setser, senior fellow at the Council on Foreign Relations. A nonbinding referendum on whether Puerto Rico’s voters favor statehood, independence/free association or the current status is planned for June 11.

Source: Los Angeles Times May 03, 2017 18:17 UTC