Here Are the Winners and Losers of Puerto Rico's Debt Crisis

Puerto Rico and its agencies have amassed $72 billion of debt as the junk-rated island's economy has shrunk every year but one since 2006. Investors bought the securities, which are tax-exempt in all U.S. states, for their relatively higher yields. There are fewer residents to help repay the obligations: The island's population has declined 7 percent in the past decade as residents moved to the U.S. mainland.

That combination of rising debt, sluggish economy, and falling population has pushed yields on Puerto Rico debt above those of Greece. The securities have been trading at distressed levels for nearly two years as investors doubted the commonwealth's ability to repay its debt on time and in full. Puerto Rico warned in its latest quarterly filing that it may place a moratorium on debt payments in fiscal year 2016 if the government can't cut spending or raise enough revenue.