Is Puerto Rico Too Big to Fail?

Is Puerto Rico Too Big to Fail? - US News:
"Stop us if you've heard this before.
Officials are pleading for patience as a debt-stricken locale scrambles to find a solution to its financial crisis, with investors and onlookers wary about broader repercussions.
But this dilemma, in Puerto Rico, lies thousands of miles across the Atlantic from Athens.
And while Greece's financial dysfunction has caught much of the world's focus, Puerto Rico's problems pose interesting questions for the U.S. regarding how it will – or whether it should – help out its territory to the south.
"We might let a city go into default, but not a state. 
A commonwealth is in a slightly different position," says Robert Shapiro, former U.S. undersecretary of commerce for economic affairs.
"But, keep in mind, they're all citizens of the United States.
There is a question of political rights.
Do the people of Puerto Rico have the same right to have the federal government maintain the basic stability of their home that citizens of Mississippi and California do?"
..."They borrowed, they borrowed, they borrowed.
But people were looking at the demographics – declining population, an economy that's slowing.
You sort of had to see the writing on the wall," Peter Hayes, a managing director and head of the municipal bonds group at BlackRock Inc., said in a recent interview on Bloomberg's "Market Makers."...