Puerto Rico will default on $1 billion of debt on Friday

Puerto Rico is going to default, again.
The governor of the commonwealth, Alejandro García-Padilla, wrote in an article for CNBC on Wednesday that Puerto Rico would not make some $1 billion in bond payments on Friday as it struggles with the long-term implications of its massive deficits.
"On July 1, 2016, Puerto Rico will default on more than $1 billion in general obligation bonds, the island's senior credits protected by a constitutional lien on revenues," he said in the article.
Garc&i