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Puerto Rico Files for Bankruptcy

The US Territory of Puerto Rico has turned to the court system for bankruptcy protection over the $73 billion in debt it currently has. The move for bankruptcy comes after the territory could not strike a deal with its bondholders to restructure the debt. The government has been facing lawsuits related to defaulting on portions of the debt. This will be the largest bankruptcy protection by a state or local government within the US. 

Source: AP, Deutsche Welle, Financial Times

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