Let me tell you what is happening . Puerto Rico has handed out $77 billion in bonds to idiots on Wall street that bet you would guaranty that crappy drbt so they would finance them. The money went for welfare and government Unions. Puerto Rico has $44 billion in unfunded pensions. This isn’t about debt “restructure”— this is about cutting Treasury department checks to WALL STREET!~! The same Wall street that bought Illinois crap debt and California debt. We don’t pay for for state debt— It is not our concern . We darn sure don’t want to pay Wall street for PR debt.
Maybe someone will propose that at some point, and if that happens, you'll have a lot of company in your outrage. But that is not what is happening right now.
The fear is that PR will keep trying to pay these bonds and pensions haphazardly, will have no money to pay to keep hospitals and schools running, etc., and so will then come hat in hand to Congress to stop people from dying. And then, whether your or I want it, some taxpayer money may indeed get paid.
What needs to be done is a budget -- pay a certain amount to bondholders, and a certain amount to pensioners, and keep the government running. The pensioners and bondholders are going to have to suck up those losses themselves. That's what some in Congress are trying to do now, before we get the weepy images of dying kids on TV, and bleeding hearts pouring taxpayer dollars into PR.
You getting all fired up about attempts to restructure that debt so that it can be handled without a taxpayer bailout is exactly the kind of thing that will make a bailout more likely.
Who is suggesting an infusion of cash? That’s what a bailout is, isn’t it? Debt restructuring is something states have done.