The Historical Exclusion Behind the Puerto Rico Bankruptcy Crisis

Puerto Rico just hit another debt deadline.

, a year-long moratorium on lawsuits from the island’s creditors will expire, which many forecasters project might worsen a developing financial catastrophe on the island, as and tie up more territorial funds. Things took a turn for the worst last weekend, when bondholders rejected a restructuring agreement for much of Puerto Rico’s $70 billion debt obligation, but the picture brightened a bit Sunday evening, when Congress signaled it had reached a budget deal to avoid a government showdown . Territory officials and a debt restructuring board installed by Congress last year hope the funding will ease some of the pressure as they consider whether to launch into a massive bankruptcy process and increasing austerity measures. Meanwhile, protesters