Puerto Rico governor warns of new default as crisis worsens

May 1, 2016 9:33 PM

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SAN JUAN, Puerto Rico – Puerto Rico's governor says the island's government will not pay most of $470 million in debt payments due by Monday.

Gov. Alejandro Garcia Padilla says negotiators for the U.S. territory's government have failed to reach a last-minute deal to avoid a third default.

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