When Will Puerto Rico Default? Government Refuses To Pay Debt Payments
Puerto Rico on Friday said it will default on $779 million worth of constitutionally backed debt, its most senior bonds, making good on threats that the island would choose paying essential services for its citizens over obligations to creditors.
Debt payments totaling just over $2 billion were due on Friday. Gov. Alejandro Garcia Padilla told reporters on Friday that overall the U.S. commonwealth territory will not pay $911 million worth of its obligations.