States do not have access to chapter 9 bankruptcy. If Puerto Rico were a state then it would not have the bankruptcy protections that it currently enjoys right now. Things would be much much worst for them in that case.

I think the point is that the states, being states, are in the same situation as the federal government is. They can tell creditors to go *k themselves. And then both sides get to bear the consequences.

In truth, something similar is true for local governments as well, in practice.