Nearly five years ago, Puerto Rico declared bankruptcy. Or rather, it declared the closest thing to bankruptcy that a state or territory can declare when it announced in 2017 that it would not be able to repay its debts on the heels of a devastating hurricane that left the island in desperate condition. Now, just last week, a United States federal judge finally approved a deal to get Puerto Rico out of bankruptcy and help the territory to take significant steps toward becoming financially solvent. “The restructuring plan will reduce…
