Since 2006, Puerto Rico has been in a painful recession. Successive governments dug it deeper into debt by borrowing from Wall Street hedge funds and other institutions — even from mom-and-pop investors — to pay operating expenses. In 2016, the island effectively ran out of cash and stopped paying its debt.
"How Puerto Rico Is Grappling With a Debt Crisis" is from the May 16, 2017 U.S. section of The New York Times. It was written by Mary Williams Walsh and Liz Moyer and narrated by Kristi Burns.