Puerto Rico's Governor Ricardo Rosselló has filed for bankruptcy in federal court.<br />The island's economic crisis has been looming with it seeking refuge from $73 billion in bond debt and nearly $50 billion of unfunded pension obligations to restructure.<br />Given the deficit that we have inherited, it is my responsibility to guarantee the best interests of the Puerto Rican people.<br />The island has been in an economic recession for about a decade and the unemployment rate is 11.5%, meaning more than one in 10 adults can't find work.<br />Rosello's request of a Title III means is an in-court debt restructuring process akin to U.S. bankruptcy protection.<br />It would allow Puerto Rico to impose excessive discounts on creditor recoveries, but also prolong the island's lack of access to debt markets.
