Puerto Rico's crisis ... in 2 minutes

August 3, 2015 2:30 PM

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Puerto Rico's crisis ... in 2 minutes

1. Puerto Rico is expected to miss a $58 million debt payment on Monday and go into default for the first time in the island's history.

2. In total, Puerto Rico owes about $70 billion to its creditors. Its governor, Alejandro Garcia Padilla, has said the government cannot pay all of its debt. He says the Puerto Rican economy is in a "death spiral."

Also read: Penthouse on a Private Island in Florida Asks $40 Million

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