Puerto Rico will default on $1 billion of debt on Friday

Puerto Rico will default on $1 billion of debt on Friday

Puerto Rico is going to default, again. The governor of the commonwealth, Alejandro García-Padilla, wrote in an article for CNBC on Wednesday that Puerto Rico would not make some $1 billion in bond payments on Friday as it struggles with the long-term implications of its massive deficits. "On July 1, 2016, Puerto Rico will default on more than $1 billion in general obligation bonds, the island's senior credits protected by a constitutional lien on revenues," he said in the article.

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