Puerto Rico to default on $37M of payments

Puerto Rico will default on about $37 million in bond payments due Jan. 1 and divert revenue to make others.

Gov. Alejandro Garcia Padilla is at odds with investors as his country seeks to restructure a $70 billion debt burden.

”My government has the responsibility to protect, as much as possible, Puerto Ricans from grave consequences," Garcia Padilla said in a news conference in San Juan. ”In recent months, we have put up a tough fight in Congress, looking for the tools we need.

"We all know that the creditors have spent a fortune lobbying against Puerto Ricans in Congress.”

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