In Puerto Rico, a federal court in San Juan opened bankruptcy proceedings Wednesday as the island seeks to restructure $123 billion in debt and pension obligations. Judge Laura Taylor Swain will now oversee the largest-ever municipal bankruptcy in U.S. history in proceedings that are expected to drag on for years. Puerto Rico is legally barred from using Chapter 9, the bankruptcy route normally taken by insolvent local governments. Puerto Rico’s debt crisis has forced austerity measures on a population suffering from skyrocketing poverty and unemployment. Most recently, the government closed nearly 200 schools across the island.