Puerto Rico has defaulted on debt by paying only a fraction of what was due Aug. 1,2015. Puerto Rico Governor Alejandro Garcia Padilla shocked investors in June when he said the island's debt, totaling $72 billion, was unpayable and required restructuring. The non-payment marks the first default by the commonwealth and is the most notable since Detroit defaulted. With a budget approved for 9800 millions for fiscal year 2016, PR has the money to pay U.S. citizen and make the appropriate adjustments for that. Moody's, Standard & Poor's and Fitch view this event as a default.
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