Puerto Rico crisis

Puerto Rico has asked for a form of bankruptcy protection to help it grapple with more than $70 billion in public-sector debt. The unprecedented maneuver, requested by the governor and filed shortly afterward by a federal oversight board, sets in motion what would likely be the largest municipal debt restructuring in U.S. history.

After nearly two years of missed payments and delayed actions, Puerto Rico is bumping up against another deadline as it tries to grapple with tens of billions of dollars of debt.

One proposal for partial repayment of the debt was rejected over the weekend. Another option is for the island to essentially declare bankruptcy, through a process created specifically for Puerto Rico.

After midnight on Monday, if some sort of deal has not been struck, the U.S. territory will be fair game for lawsuits by its creditors.

On Puerto Rico's southwestern corner, the sleepy seaside town of Guanica is where, nearly 120 years ago, the U.S. relationship with the island began during the Spanish-American War. The town's museum director, Francisco Rodriguez, takes visitors to the town's waterfront where the invasion began. In Spanish he says, "This is Guanica Bay, where the American troops commanded by General Nelson Miles landed on July 25, 1898." At the site, a stone marker engraved by the 3rd Battalion of the U.S. Army commemorates the invasion.

Ricardo Arduengo / AP via Miami Herald

COMMENTARY

As the waters of the Florida Straits warm up again, a new surge of Cuban rafters is landing in Florida. Sixty arrived in Key West in just the past week, in large part to escape the island’s moribund economy.

But Cubans aren’t the only panicked wave hitting our peninsula. Florida’s Puerto Rican population now tops 1 million, more than double the number in 2000. And they keep coming, thanks to a massive economic crisis in Puerto Rico that forced the government to default on a big chunk of a $422 million debt payment that was due Monday.

Pages