Puerto Rico Gov. Ricardo Rossello announced Wednesday that the territory is filing paperwork to move its debt crisis to a federal bankruptcy court, making it "the largest government to seek refuge from its creditors in United States history," The New York Times writes.
"We're going to protect our people," Rossello said. Negotiations with bondholders have failed to move forward, and creditors hit the territory with lawsuits looking to recuperate millions, including by claiming revenues generated by the island's Treasury Department, The Associated Press reports.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
How will the next pope change the Catholic Church?Talking Points Conclaves can be unpredictable
-
Conspiracy theorists circle again following RFK file releaseThe Explainer Both RFK and his brother, President John F. Kennedy, have been the subjects of conspiracies
-
7 equestrian activities for when you feel like horsin' aroundThe Week Recommends These graceful animals make any experience better
-
Markets notch worst quarter in years as new tariffs loomSpeed Read The S&P 500 is on track for its worst month since 2022 as investors brace for Trump's tariffs
-
Tesla Cybertrucks recalled over dislodging panelsSpeed Read Almost every Cybertruck in the US has been recalled over a stainless steel panel that could fall off
-
Crafting emporium Joann is going out of businessSpeed Read The 82-year-old fabric and crafts store will be closing all 800 of its stores
-
Trump's China tariffs start after Canada, Mexico pausesSpeed Read The president paused his tariffs on America's closest neighbors after speaking to their leaders, but his import tax on Chinese goods has taken effect
-
Chinese AI chatbot's rise slams US tech stocksSpeed Read The sudden popularity of a new AI chatbot from Chinese startup DeepSeek has sent U.S. tech stocks tumbling
-
US port strike averted with tentative labor dealSpeed Read The strike could have shut down major ports from Texas to Maine
-
Biden expected to block Japanese bid for US SteelSpeed Read The president is blocking the $14 billion acquisition of U.S. Steel by Japan's Nippon Steel, citing national security concerns
-
Judges block $25B Kroger-Albertsons mergerSpeed Read The proposed merger between the supermarket giants was stalled when judges overseeing two separate cases blocked the deal
