Puerto Rico's Debt Addiction Was Fed By Banks That Passed Risk To Bond Buyers

After a decade of economic stagnation and high unemployment, Puerto Rico is at a precipice of insolvency with no way to pay off its massive $73 billion debt. The commonwealth's politicians, policymakers and populace all bear some responsibility. San Juan's political leaders have spent years dodging unpopular measures such as tax increases and pension cuts to address the island's weak economic growth and deficit spending.