David Rubenstein, founder of the private equity firm the Carlyle Group, sees more pain ahead for global markets. He says the "entire economic construct" of recent decades may have to undergo radical …

Puerto Rico’s debt crisis has entered a new stage. Without congressional action and deeper reforms, the island could find itself unable to provide basic services, says CFR expert Brad Setser.

Special tax incentives have enabled Puerto Rico to borrow irresponsibly for years, and now the island must take painful steps to balance its budget, explains expert Matt Fabian.