"The Greece next door. It’s called Puerto Rico," tweets Politico's Blake Hounshell, and if you haven't been following this, this news may come as a big shock: Puerto Rico’s governor just announced that the commonwealth can't pay its $72 billion in debts, which might affect a few things, to say the least (at 20,000+ shares at the mo). Jess Silver-Greenberg calls it "A stunning admission: Puerto Rico can't pay its debts, and there's a whole lot of them." There was no shortage in comparisons to Greece, either. "What the? Puerto Rico governor announces plans to default in an INTERVIEW with the NYT. Greek-style communications," concludes Robin Wigglesworth at the Financial Times. "It's NOT politics...it's math!!" points out Bloomberg's Stephanie Ruhle. "(Translation: lotta politics here)," helpfully adds colleague Phil Mattingly. "Puerto Rico has hired retired #Detroit bankruptcy Judge Steven Rhodes as an adviser in its restructuring," details Chad Livengood with the Detroit News. "OH: 'They need Chapter 9 for the whole commonwealth,'" shares Ben Welsh at the LA Times. To sum, as Capital New York's Azi Paybarah put it: "um, this. is. bad. and important."
If you thought the Supreme Court had exhausted its share of big announcements last week, you don't know SCOTUS. Today the court ruled against three death row inmates who hoped bar the use of an execution drug they said "risked causing excruciating pain." "Can't win 'em all, I guess," tweets NYT's Susan Beachy. A common reaction on Twitter. Also, the court blocked President Barack Obama’s proposed environmental limits on power plants. "[Just so he shouldn't get too cocky]," theorizes Chemi Shalev at Haaretz. Also, the Greek stock market may be closed today, but the Wall Street Journal is still on the job live-blogging the reactions. Also, Nobel-winning economist Joseph Stiglitz is decrying Europe's response to Greece, writing, "We should be clear: almost none of the huge amount of money loaned to Greece has actually gone there." Matt Schiavenza with The Atlantic reflects, "Stiglitz is right—the troika has no reason not to acquiesce to the referendum." And of course, the other big news of the weekend: escaped inmate David Sweat was shot and captured near the Canadian border, which led to a strange "lightning strikes twice" sort of a moment between the New York Post and the Daily News.