Supreme Court rules Puerto Rico can't restructure debt

The Hill reports:

The Supreme Court ruled Monday that Puerto Rico can't restructure the debts of its public utilities to avoid a financial crisis, closing off one of the island's last remaining options for avoiding default without help from Congress.

In a 5-2 ruling, the justices said that although the government and people of Puerto Rico should not have to wait for possible congressional action to avert a financial crisis, the Constitution does not allow them to rewrite a statute that Congress enacted in 1984.

While states can allow municipalities to seek such debt relief, the lower court said, Congress had not given Puerto Rico that right.

Imagine that.