, Columnist
A Stumble May Lead Puerto Rico Forward
Instead of a catastrophe, missed payments focus the players and bond traders.
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When an amorphous problem drags on without a solution anywhere near the horizon, it can be refreshing when something concrete happens, even if it's not particularly positive.
This seems to be the case with Puerto Rico, which just had its biggest default ever by missing $911 million of payments due on July 1. While the move couldn't exactly be called good -- defaults and insolvencies rarely are -- it carried some kernels of optimism, especially for bond traders and insurers, if not for the commonwealth's residents.