Puerto Rico’s debt load is bigger than that of any state except California and New York, and it dwarfs Detroit’s debt at the time of that city’s bankruptcy filing. As a commonwealth, Puerto Rico cannot declare bankruptcy. But a default would be as painful. Its bonds, whose earnings are free of federal, state and local taxes, are held by 416 U.S. municipal funds.
SOURCE: Governing magazine, New York and California treasury departments, Morningstar, U.S. Census Bureau, U.S. Bureau of Labor Statistics, United Nations, World Bank, Puerto Rico Police Department. GRAPHIC: Tobey - The Washington Post.