When Puerto Rico’s debt crisis ballooned into the largest governmental default in U.S. history, Congress stepped in with an unprecedented solution. Felix Salmon is joined by David Skeel, who served as chair on the oversight board that helped the island regain economic stability and detailed the saga of this debt crisis in his book Promise Land. They discuss the ins and outs of government debt, the idea of state bankruptcy, and what lessons can be learned for future legislation.

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