The U.S. territory of Puerto Rico announced they intend to file for bankruptcy, making the island commonwealth the largest U.S. municipality in history to file for protection from creditors. Puerto Rico is asking a federal judge for permission to file for bankruptcy, which is being opposed by its numerous creditors, including several Wall Street banks.  The territory owes $70 billion – dwarfing the $18 billion owed by the city of Detroit before it declared bankruptcy. CNNMoney: Bankruptcy won't be an easy process. A judge still has to approve it. Many prominent Wall Street firms own Puerto Rico's bonds. They are angry about the bankruptcy filing because they fear now they won't get paid back all the money they are owed. Puerto Rico's situation is ugly. The island has been in an economic recession for about a decade and the unemployment rate is 11.5%. The island's financial crisis is so bad that Congress installed a Fiscal Oversight...(Read Full Post)