Editorial: A rock and a hard place

Author: Amélie Labbé | Published: 26 May 2017

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 numerous creditors.

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:...