Puerto Rico Will Default On Its Debt Today

Business Insider: Puerto Rico says it will default on Monday

Puerto Rico is going to default.

In a television address made Sunday, Puerto Rico's governor Alejandro Garcia Padilla said the island's Government Development Bank (GDB) will not make a $422 million payment due to its creditors by the end of business on Monday, according to Bloomberg.

A Reuters report ahead of Padilla's address released on Sunday evening said the GDB was, "expected to skip at least the principal portion of its payment to hedge funds, credit unions and other bondholders."

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WNU Editor: A sign of things to come.

More News On Puerto Rico Defaulting On its Debt Today

Puerto Rico won't make $370 million in debt payments Monday -- AP
Puerto Rico Development Bank Won’t Make Most of a Debt Payment Monday -- WSJ
Puerto Rico to default on debt payment after talks fail -- BBC
Puerto Rico declares moratorium on Government Development Bank's debt -- Reuters
Puerto Rico to default further on debts -- USA Today
Puerto Rico says will default on Government Development Bank debt -- CNBC
Puerto Rico Will Default on Government Development Bank Debt -- Bloomberg
As deadlines come and go, Puerto Rico's debt crisis grows -- Story Hinckley, CSM
Q&A: Puerto Rico's Debt Crisis Explained -- AP