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Puerto Rico's options: Default, restructure, bailout or bankruptcy?

How exactly Puerto Rico could restructure its mountain of debt is the $72-billion question that everyone from New York to San Juan is asking, according to a commentary in The Hill. As an unincorporated territory of the U.S., Puerto Rico cannot file for bankruptcy protections under Chapter 9 of the United States Bankruptcy Code. Puerto Rico is caught in a legal Catch-22: it is allowed to pile up bonds as if it were a municipality but it cannot restructure or declare bankruptcy like Detroit, Stockton or any of the other American cities that have defaulted in recent memory.  
 
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