As we’ve said before Puerto Rico is Detroit with palm trees. Its massive patronage system, its army of “public” employees and big government generally bankrupted the island. Now the Dems want the government employees to get the pensions for which there is no money, all the while stiffing the people who lent Puerto Rico the money it now owes.
There are pretty much no good guys here. The government workers are to blame. The bondholders knew they were buying sketchy stuff but assumed they’d be indemnified.