Puerto Rico Defaults on Multimillion-Dollar Debt Amid Crisis

The following article was originally published by ABC News.

Puerto Rico has announced another multimillion-dollar default as the crisis-wracked U.S. territory seeks to renegotiate nearly $70 billion in public debt.

The government says it will miss a $279 million payment among others due on Wednesday because it only has about $156 million in liquidity. Officials say some of the payments missed involve general obligation bonds that are backed by the island’s constitution.

However, officials say they paid interest on some debt, including a portion backed by a local sales tax. The government did not say how much it paid, and officials did not return messages for comment.

A federal control board that oversees Puerto Rico’s finances recently extended a litigation stay to protect the island from creditor lawsuits amid ongoing defaults.

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