Debt Island: How $74 Billion in Bonds Bankrupted Puerto Rico
- Billions sunk into grand projects, expenses and bureaucracy
- In San Juan, $2.25 billion bought a money-losing train line
Millstein Says Title III Was Inevitable for Puerto Rico
San Juan’s gleaming commuter train seemed like a coup -- the kind of big-ticket item many U.S. cities can only dream of.
More than a decade on, the Tren Urbano is a monument to the folly, bloat and abuse that finally bankrupted Puerto Rico. Despite years of planning, it sells only a third of the rides it needs to, and loses roughly $50 million a year. The cost so far: $2.25 billion, $1 billion more than planned.