10 things you need to know today: August 2, 2015

Puerto Rico defaults on debt, officials ramp up search for MH370 debris on French island, and more

Réunion Island
(Image credit: Fabrice Wislez/Associated Press)

1. Puerto Rico defaults on debt payment

Puerto Rico defaulted Saturday, missing a $58 million debt payment on Public Finance Corporation bonds. Victor Suarez, the governor's chief of staff, said Friday the island only has enough money to operate until November if nothing is done to increase cash flow. Gov. Alejandro Garcia Padilla announced in June that Puerto Rico would need restructuring on an unpayable $72 billion in debt.

Subscribe to The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE
https://cdn.mos.cms.futurecdn.net/flexiimages/jacafc5zvs1692883516.jpg

Sign up for The Week's Free Newsletters

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

Sign up
Explore More
Julie Kliegman

Julie Kliegman is a freelance writer based in New York. Her work has appeared in BuzzFeed, Vox, Mental Floss, Paste, the Tampa Bay Times and PolitiFact. Her cats can do somersaults.