Puerto Rican government-debt crisis

The Commonwealth of Puerto Rico is seeking the largest municipal bankruptcy filing in US history, after failed negotiations with creditors over its $70 billion debt crisis. That's more than four times the debt Detroit collapsed under.

Brazil lost its coveted investment-grade rating on Dec. 16 after Fitch became the second credit agency to downgrade the country's debt to junk status, citing concerns about an economic and political crisis threatening to topple President Dilma Rousseff.

Nobel laureate Paul Krugman writes in The New York Times that while Puerto Rico missed a bond payment, with many comparing it to Greece the two are very different cases.

Crushed by liabilities it now cannot repay, Puerto Rico is seeking to reschedule its $73 billion debt, the US commonwealth's governor said June 29.