Puerto Rico Defaults on Debt For First Time

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Puerto Rico defaulted on its full payment of its bonds for the first time in the commonwealth government's history, NBC News reported

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

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

The default comes as Puerto Rican leaders of both main political parties have asked Congress to allow them to restructure some of its debt that way states can do, as in the case of Detroit.

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