‘Breaking point’: Puerto Rico files for historic $70 billion bankruptcy

‘The Commonwealth of Puerto Rico is seeking the largest municipal bankruptcy filing in US history, after failed negotiations with creditors over its $70 billion debt crisis. That’s more than four times the debt Detroit collapsed under.
On Wednesday, the Financial Oversight and Management Board for Puerto Rico announced they had moved to place the US territory into federal bankruptcy court, making it the largest entity of the US government to seek refuge from creditors in the courts in history.
Chairman of the Oversight Board José Carrión said the filing was made to “provide a method for the Commonwealth and its instrumentalities to achieve fiscal responsibility and access to the capital markets,” according to a press release.’
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