Puerto Rico defaulted for the first time on Monday, paying just $628,000 of the $58 million of interest and principal due on its bonds. The U.S. commonwealth of 117 years is attempting to negotiate its $72 billion debt. This was a decision that reflects the serious concerns about the Commonwealth’s liquidity,” said the president of the Government Development Bank for Puerto Rico. The island's governor says the debt is "unpayable" and has asked for a moratorium on the debt.
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