Bankruptcies can be extremely painful for a society, and many countries in the United States have seen a spike in the number of people filing for bankruptcy.
But the U, too, is taking a step back from the bankruptcy process to ensure Puerto Rico can continue functioning after the island suffers a $70 billion financial collapse.
Puerto Rico’s state-run banks will remain solvent, meaning they will continue to operate as normal.
S., Puerto Rico, and the U: The financial situation on the island is far from clear.
Here’s what you need to know about how it could end.