©Bloomberg
Alejandro Garcia Padilla, governor of Puerto Rico, is seen giving a speech on a television screen in a bar in San Juan
Puerto Rico is set to suffer a crippling default on Monday after the islands governor ordered a moratorium on debt payments due by its de facto finance authority as its fiscal and economic crisis spirals.
Governor Alejandro Garcia Padilla declared a moratorium on Government Development Bank for Puerto Rico obligations due on Sunday in what he characterised as a painful decision with policymakers in Washington still some distance from uniting behind a rescue package.
Puerto Rico, which counts $70bn of debt obligations and a severely underfunded $46bn pension system, has e…
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