Not Technically a Default….Yet!
Puerto Rico Confirms it Failed to Make $58M debt payment
From the article:
The government of Puerto Rico confirmed Monday that it failed to make a $58 million debt payment in a significant escalation of the debt crisis facing the U.S. island territory.
Puerto Rico made a partial payment of $628,000 in interest but could not afford to make the remainder, which was due Saturday, because the legislature did not appropriate the funds, said Melba Acosta Febo, president of the Government Development Bank.
This would this be akin to sending in $3.25 of your $300 car payment. I don’t think your lending institution would be real happy about that, lol. And then, telling them it’s not “technically” a default. That would be a real hoot.
Again, how do you not “appropriate funds” when you know you have a bill due? Could you tell “your” lending institution that you spent the money on other things that you needed or, wanted more than paying your bill? How far would that take you?
Btw, did you know that there is an online calculator that does strictly percentages? Who knew? Then again, you can find out just about anything on the internet. Good and bad.
The link for future reference: