Puerto Rico says it cannot pay its debt, setting off potential crisis in the U.S.
A default on the island’s massive debts could roil the stock and municipal bond markets and raise borrowing costs for state and local governments.

The governor of Puerto Rico has decided that the island cannot pay back more than $70 billion in debt, setting up an unprecedented financial crisis that could rock the municipal bond market and lead to higher borrowing costs for governments across the United States.

Puerto Rico’s move could roil financial markets already dealing with the turmoil of the renewed debt crisis in Greece. It also raises questions about the once-staid municipal bond market, which states and cities count on to pay upfront costs for public improvements such as roads, parks and hospitals.

For many years, those bonds were considered safe investments — but those assumptions have been shifting in recent years as a small but steady string of U.S. municipalities, including Detroit, as well as Stockton and Vallejo in California, have tumbled into bankruptcy.

In addition, with as much as $73 billion in debt, the island’s debt obligation is four times that of Detroit, which became the largest U.S. city to file for bankruptcy in 2012.

When an NBA Star's Rape Accuser Is No Longer Anonymous

NEWS BRIEF The woman accusing NBA star Derrick Rose of rape must be named in court, a Los Angeles federal judge ruled Tuesday.

Up until now, the woman has been known as “Jane Doe” to protect her anonymity. She is suing the New York Knicks point guard and two of his friends for allegedly gang raping her in 2013. She has claimed she was intoxicated and did not consent to sex with the three men. Rose claims she consented.

Waukeen McCoy, a lawyer for Doe, told Deadspin that the judge “wants everybody to have a fair trial, and he didn’t want any inferences drawn [by the jury] from her name not being used.”

Rose’s lawyers have been pushing to make her name public for the last year. They argued in a recent motion that “because Jane Doe and her lawyers are openly pandering to the media on a nationwide blitz tour, Ms. Doe should be precluded from using a pseudonym.” Previously, his lawyers argued that because her social media accounts were “sexual in nature,” she shouldn’t remain anonymous.

When Doe spoke recently with Think Progress, she emphasized how important anonymity was for rape victims. She explains:

I think people stay silent because they don’t want to have to deal with everyone finding out, like, hey, this happened to you, now I’m a victim, now I have to walk around with a “damaged” label, being broken and this and that. You don’t want that. Who can deal with that on top of everything that happened?

The trial is set to start on October 4.

Read more from The Atlantic:

This article was originally published on The Atlantic.