04-18-2020, 07:26 AM
There is a precedent for the federal government to bailout a government through bankruptcy- they did it with Puerto Rico. But the problem there:
On June 30, 2016, President Barack Obama signed the Puerto Rico Oversight, Management and Economic Stability Act, or PROMESA, which empowered him to appoint a seven-member Financial Oversight and Management Board that has ultimate control over the Commonwealth's budget...
https://en.wikipedia.org/wiki/Puerto_Ric...ebt_crisis
On June 30, 2016, President Barack Obama signed the Puerto Rico Oversight, Management and Economic Stability Act, or PROMESA, which empowered him to appoint a seven-member Financial Oversight and Management Board that has ultimate control over the Commonwealth's budget...
https://en.wikipedia.org/wiki/Puerto_Ric...ebt_crisis