Puerto Rico Electric Power Authority had to dip into its reserves to make a $417.6 million payment to bondholders in July.  With other of its public corporations in financial danger, the commonwealth itself is moving toward default.  If Puerto Rico can restructure its debt, there could be hope for Illinois.

http://online.wsj.com/articles/david-skeel-a-puerto-rican-solution-for-illinois-1407099069