Puerto Rico Government Development Bank

Puerto Rico Defaults on $422 Million Bond Payment, Triggering Largest Municipal Debt Crisis in U.S. History

2016-05-01 00:00:00 +0000 UTC | Importance: 9/10

Governor Alejandro García Padilla ordered Puerto Rico’s first major default, blocking a $422 million payment on Government Development Bank bonds. This historic default was part of Puerto Rico’s unprecedented $72 billion debt crisis, representing debt larger than the island’s GDP. …

Alejandro García Padilla Puerto Rico Government Development Bank Puerto Rico Government Hedge Fund Creditors puerto-rico debt-crisis municipal-bankruptcy financial-engineering austerity +3 more