And it didn't help that Puerto Rico lost roughly 10 percent of its population over the past decade. Shown here is the capitol of the US territory in San Juan.
By declaring bankruptcy, the USA commonwealth in the Caribbean can prevent any interruption in services to island residents, Governor Ricardo Rossello said at a news conference.
Gov. Ricardo Rossello said Wednesday that a federal control board overseeing the island's finances has agreed with his request to put the debts before a court.
LA peace parades mark 25th anniversary of Rodney King riots
In one sense, the data tell us something we already knew in Los Angeles, said Brianne Gilbert, associate director of the center. The sustained attack by four Los Angeles police officers on a Californian roadside, was captured on videotape by a witness.
It's not clear yet just how much Puerto Rico will include in its filing, but it now has $123 billion in debt and pension obligations.
The move comes a day after several major creditors sued Puerto Rico over defaults its bonds. But the case will likely greatly exceed Detroit's record insolvency of $18 billion to $20 billion in 2013. Bankruptcy may not immediately change the day-to-day lives of Puerto Rico's people, 45 per cent of whom live in poverty, but it may lead to future cuts in pensions and worker benefits, and possibly a reduction in health and education services.
Supreme Court Chief Justice John Roberts will pick the district court judge who will oversee the restructuring of Puerto Rico's debt after the US territory filed for what is essentially bankruptcy protection on Wednesday. It's a process similar to bankruptcy. "After extensive discussions in good faith and the opening of the financial books of the Government of Puerto Rico to the creditors, there has not been sufficient progress in the negotiations", the USA territory's governor, Ricardo Rossello, said in a statement. The complaint, filed in federal court in San Juan, marks the first legal challenge to Puerto Rico's debt-cutting plan by creditors following the board's unprecedented action.
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