Puerto Rico is a US territory that became a US state in 1898.
It is not part of the US, and it has no voting power.
That means its debts are mostly in US dollars.
But that has not stopped Puerto Ricans from demanding some of that money.
The US has a long history of paying off its debts.
In 1892, Congress created the Bureau of International Financial Administration, a Federal agency that collected and issued money to Puerto Rican banks and other creditors.
It also issued $200 million in debt relief to Puerto Rican farmers.
The US government, through the Office of Foreign Assets Control (OFAC), maintains control over Puerto Rico’s money, and US officials often negotiate with the island’s creditors.
In the past, US officials have said they would like to see the island pay back the money owed by Puerto Ricas banks, but US law does not require that it do so.
At the time, Puerto Ricana officials were wary of OFAC’s powers, which allowed them to issue US debt.
And, as the islands territory has grown, it has increasingly faced a cash crunch.
In recent years, the island has received less money from the US government than it did before, according to US estimates.