2015 Event Puerto Rico fails to make a $58 billion debt payment on bonds issued by the Public Finance Corporation; Governor Alejandro Garcia Padilla warned creditors in June that debt restructuring will be needed to keep the government afloat 2015 Event Greece and its creditors agree to a bailout of up to 86 billion euros in exchange for economic reforms to include changes to the pension system and tax laws; the Greek Parliament must still approve the deal 2015 Event Greece continues negotiations with its creditors after refusing proposed austerity measures; however, the Greek government proposal includes reforms similar to those rejected by voters in a recent referendum 2015 Event Greek Minister of Finance Yanis Varoufakis steps down despite the outcome of a national referendum favoring his position against the bailout terms proposed by the E.U. and other creditors; economist Euclid Tsakalotos will take his place 2015 Event New anti-austerity Prime Minister Alexis Tsipras halts the public asset privatizations required under Greece's bailout agreement with its foreign creditors; Standard & Poor's has lowered its rating on Greek national debt from stable to negative 2012 Event The 'immediate and severe' fiscal emergency declared by the U.S. city San Bernardino, California, allows it to declare bankruptcy without negotiating with creditors 2012 Event After mediation with creditors fails, the city of Stockton, California becomes the largest city in the U.S. to declare bankruptcy 2012 Event Lehman Brothers exits its bankruptcy protection, making it free to sell remaining assets and distribute its funds to creditors 1991 Event Creditors vote to support Greyhound Bus reorganization plan 1989 Event Eastern Airlines submits a reorganization plan to creditors
