Skip to content
Subscriber Only

For Puerto Rico, Dream of Financial Recovery Masks Grim Reality

  • Island has reached two crucial agreements with bondholders
  • Recession, power grid failures continue to plague the island
Video player cover image
A Tale of Two Puerto Ricos

Slowly and painfully, Puerto Rico is inching toward what passes for a financial recovery on the bankrupt and devastated island.

Eleven months after Hurricane Maria, Puerto Rico has reached two crucial agreements with some creditors -- key steps toward emerging from what was, even before the storm, the largest municipal bankruptcy in U.S. history. A tentative agreement announced Wednesday sent the price of certain Puerto Rico bonds soaring as much as 30 percent, a boon for anyone who’d bought them at rock-bottom prices only months ago.