The recent news of Puerto Rico's default was a long time
coming – it borrowed too much and for too long, and
ended up being unable to repay some nearly $70 billion to its
The situation in the country, while in many ways unique to
the US territory, mirrors what has previously happened in some
other troubled countries – Greece, Argentina,
Venezuela, and a handful of African and Caribbean nations. It
resembles other defaults in one key aspect:...