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, Reuters reports.
Gov. Alejandro Garcia Padilla announced in June that Puerto Rico would need restructuring on an unpayable $72 billion in debt. The White House has said the U.S. will not bail out the territory.
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