Puerto Rico's default is fine, as long as Wall Street is repaid
Date Written: 15/08/2015
Year Published: 2015
Resource Type: Article
Cx Number: CX17809
On August 1, 2015, Puerto Rico defaulted on part of its enormous $72 billion debt, paying back only $628,000 on a relatively small $58 million loan that was due at the start of the month. The default, which marks the most serious credit event in US public bond markets since the city of Detroit filed for bankruptcy in 2013, has led many to draw obvious comparisons to Greece and understandably so.