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Puerto Rico: Pensioners Versus Bondholders
Good Risk Governance Pays 
Mar. 21, 2016
"[One article reported] nearly zero percent funding ratio for the Puerto Rico Employees Retirement System as of June 2014 with 'just 0.7% of the assets needed to pay all the benefits that had been promised, a level unheard of among U.S. states.'... The problem in taking from Paul to pay Peter ...is that a large number of bondholders of Puerto Rico's $72 billion debt are themselves retirees or saving for retirement.... [One reporter] wrote that '30% of the debt is held by middle class Puerto Ricans ... Another 15% is held by other 'average Joe' Americans who invested in bond funds.' "
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