What we do in Puerto Rico sets a precedent, like it or not

What we do in Puerto Rico sets a precedent, like it or not-thehill: The argument that setting aside Puerto Rico's constitutional guarantee to their general obligation bondholders will not spill over to impact the broader municipal bond market — one that the U.S. Treasury has enthusiastically propounded — seems to be predicated solely on the notion that a territory is unlike a state and that whatever legislation Congress passes will be sui generis, with no relevance to the rest of the country. Or, at least this is what most investors will assume.