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

Puerto Rico files for biggest ever U.S. local government bankruptcyPuerto Rico announced a historic restructuring of its public debt on Wednesday, touching off what may be the biggest bankruptcy ever in the $ 3.8 trillion U.S. municipal bond market. While it was not immediately clear just how much of Puerto Rico’s $ 70 billion of debt would be included in the bankruptcy filing, the case is sure to dwarf Detroit’s insolvency in 2013. The move comes a day after several major creditors sued Puerto Rico over defaults its bonds.



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