Puerto Rico Defaults On Debt For First Time

Puerto Rico defaulted on its full payment of its bonds for the first time in the commonwealth government’s history.

 

“Due to the lack of appropriated funds for this fiscal year the entirety of the PFC payment was not made today,” said in a statement Melba Acosta, head of Puerto Rico’s Government Development Bank.

 

Puerto Rico paid $628,000 out of a $58 million payment on its Public Finance Corp bonds which were due August 1st.

 

Read More: Puerto Rico Defaults On Debt For First Time – NBC News