Puerto Rico will default on $422 million in debt payments due Monday, Gov. Alejandro Garcia Padilla announced Sunday, adding the "decision not to pay has been a very difficult one, and one that frankly I would rather not take."
In a televised address, Garcia Padilla said Puerto Rico is "faced with the lack of liquidity to meet both the needs of our creditors and to provide services to our people. I had to choose. And I chose." Government officials spent the weekend attempting to negotiate with creditors, and some payments have been postponed for the time being. Another $700 million is due to creditors in early July.
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