Puerto Rico is suffering from widespread official corruption. Mayors and governors have been charged with crimes.

The article doesn't mention the crushing debts, but I believe they are the root cause. The US Congress has given Puerto Rico no debt relief, so it is forced to squeeze the people (even poor people) to pay the loans. The result is that most everyone who can leave does leave.

I suppose the creditors hope eventually to take control of the island's land and turn it into tourist resorts and corporate-owned plantations.

They won't stop with Puerto Rico — they will move on to other parts of the US.