Puerto Rico is in a 24-hour debt showdown again
Puerto Rico is due to make a $354 million bond payment on its $72 billion public debt load on Tuesday, December 1, and it still hasn't decided whether it is going to go through with it or not.
"We are still in negotiations with some creditors and between today and tomorrow we will make the final decision as to whether or not and which payments will be made," Governor Alejandro Garcia Padilla said during a press conference in San Juan, according to Bloomberg.
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In June the Governor announced that the territory's debt load had become too onerous to bare, and that the island would seek help, in the form of restructuring, from its creditors.
It had to do that because, according to law, Puerto Rico can't enter bankruptcy.
And in August, Puerto Rico's Public Finance Corp. paid out$628,000 of the $58 million due on a bond payment, marking a default. Since then the island has had a few more scares but no major defaults. This could be another one of those.
But who knows?