by Greg Williams
Puerto Rico may default on a $354 million December 1 debt payment. The US Territory is scheduled to make another payment of $957 million on January 1. The island's governor calls the total $72 billion debt "unpayable" and vows to prioritize public services over debt repayment if forced to choose. Puerto Rico's Government Development Bank presented a debt restructuring concept to the advisers of some firms who hold the debt at November 20 meetings in New York.
"We've reached a critical moment in the debt crisis," said Eric LeCompte, executive director of Jubilee USA, a religious anti-poverty group that focuses on debt issues. "3.5 million American citizens are on the front lines of a humanitarian crisis that will only get worse if we can't fix the island's debt problems."