(SAN JUAN, Puerto Rico) -- Puerto Rico may become America's Greece after defaulting on most of a debt payment.
On Monday, Puerto Rico defaulted for the first time by missing most of a $58 million bond payment. Puerto Rico owes around $70 billion to its creditors.
The missed payment was due to the legislature not appropriating money to service the debt, according to the Government Development Bank for Puerto Rico. The bank was able to pay $628,000 remaining from a previous balance.
Unlike when Detroit filed for bankruptcy in 2013, Puerto Rico is not covered by Chapter 9 bankruptcy rules and cannot receive bankruptcy protection. The U.S. commonwealth cannot gain support from the International Monetary Fund since it is not a sovereign country, and it remains under the partial protection of the U.S. which many Puerto Ricans stand against.
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