In a crisis, where debt suddenly became completely unmanageable, cutting spending or services wouldn't and couldn't happen fast enough. Raising taxes is an even slower process. Look how hard it is to do either, even in times when we aren't in crisis.
Over the weekend, Governor Alejandro Garcia Padilla of Puerto Rico announced that the US territory would skip payment on almost $370 million in debt that was due today. Anyone who's struggling with unaffordable debts should follow Puerto Rico's lead, and stop paying.
As Puerto Rico "unfolds into chaos," lawmakers are taking their time to help the island, which over 3.5 million Americans call home.
An email shows the industry knows its loans are unaffordable, but they won’t say so publicly.
“We would probably be looking at something that could cause a global recession.”
"Without sufficient cash, it would be impossible for the United States of America to meet all of its obligations for the first time in our history."
The IMF study said the closure of Greek banks and imposition of capital controls on June 29 was "extracting a heavy toll
Newspapers laced the morning's headlines with references to World War Two and railed against what they see as Berlin's attempts
What's a crucial element for HuffPost's readers to understand about the current crisis? Under Tsipras' latest plan, Athens