Puerto Rico files for biggest ever U.S. local government bankruptcy

[tenorly]

2. I agree.

We seem to have no problem bailing out banksters, defense contractors, big agro, automakers, and problematic foreign regimes like Chile under Pinochet (favored nation trading status, generous debt rescheduling), Israel, or post-invasion Iraq (debt restructuring, with steep haircut - 75%, I believe).

A similarly generous debt restructuring for Puerto Rico - a U.S. dependency, after all - is very much in order. Its people and creditors would both benefit.