Here is an interesting question raised by Puerto Rico

[Admin]

Last July, a month after he launched his campaign, Trump made news in Puerto Rico—and not in a good way. “I’m really rich,” he’d said in his announcement speech. “It’s not bragging. That’s the kind of mindset you need for this country.” Just four weeks later, the Trump International Gulf Club Puerto Rico announced that it was declaring bankruptcy. Which led people here to ask an obvious question: Why is bankruptcy an option for billionaires and not beleaguered U.S. territories? Officially, Puerto Rico is “commonwealth,” but it is not a state. It will send voting delegates—23 of them—to the Republican National Convention, but voters here have no say in the November elections.

Puerto Rico's Debt Crisis Clouds GOP Primary | RealClearPolitics

[Admin]

While it's true that Puerto Rico has to change its ways (an IMF style conditional program seems to be the most obvious way, making debt restructuring conditional on improving the running of the economy), it is odd that:

Republicans are chary about a second request, which is to allow Puerto Rico to use bankruptcy to restructure its debts. States can do this. Cities and counties, too. Donald Trump does it all the time. But territories cannot.

Puerto Rico's Debt Crisis Clouds GOP Primary | RealClearPolitics

There should be an international law for state bankruptcies to avoid this kind of situation and others (like the decade and a half long standoff between Argentina and a couple of hedge funds, until last week)