GLAD I DIDN’T INVEST IN THOSE PUERTO RICAN BONDS SOMEONE WAS TRYING TO SELL ME ON: There’s No Bailout For Puerto Rico. “A municipality could declare bankruptcy under the federal code. But Puerto Rico is a territory of the U.S. — sovereign, but not quite. To make matters worse, Felix Salmon notes, a lot of its debt is theoretically secured by specific revenue streams — so much of it that it is going to have to include revenue bonds, as well as theoretically less secure general obligation bonds. This is going to make the restructuring extremely complicated — and, worse, from the perspective of bondholders, extremely unpredictable. As difficult as it is, it’s hard to see that Puerto Rico has any choice. Its economy has been troubled for a while, and its debt burden is essentially unpayable.”