Puerto Rico Defaults on Debt

For the first time ever, the U.S. colony of Puerto Rico defaulted on its debt payments. The island's developmnent bank announced it was only able to make partial payment on is US$72 billion debt. Governor Alejandro Garcia Padilla described the situation as a death spiral and said a team was working to develop a debt restructuring plan. Critics charge the shortfall in revenue is due to failure to tax multinationals. teleSUR