[Labyrinthos]

Puerto Rico BORROWED the money knowing full well that they would never repay it.

The US Government does the same thing.

[Garth Tater]

"Puerto Rico BORROWED the money knowing full well that they would never repay it."

"The US Government does the same thing."

Bankruptcy is a right of all free men and in the aggregate, all free people. Being held to an unpayable debt that condemns your children's children's children to poverty is tyranny. Puerto Rico is being held in slavery.

Why Congress Should Let Puerto Rico Declare Bankruptcy

"Puerto Rico’s dilemma boils down to a couple of simple facts: its debt is enormous relative to the size of its economy, and, as I wrote recently in the magazine, that economy has been stuck in recession for almost a decade. While the U.S. territory has made some progress in trimming public spending, and is running a primary surplus (its budget balance without including interest payments) of eight hundred and fifty million dollars, its interest and amortization costs amount to $2.8 billion, which leave it with a deficit that dwarfs the economy’s growth rate. That means the island’s debt load, relative to G.D.P., is getting bigger every day, effectively forcing Puerto Rico to borrow money to pay off past borrowings, which of course leaves it further in debt and makes it harder to get out."

Odious debt

1. (Banking & Finance) international law sovereign debt incurred through activities which do not serve the best interests of the nation, esp when incurred by a despotic, tyrannical, or otherwise unjust and oppresive regime. Such debts are typically considered invalid and written off after the regime is deposed