Puerto Rico will default on a portion of the nearly $1 billion in debt obligations due to its bondholders on Jan. 4.<br />Top officials for the commonwealth have confirmed that it will not be able to make two out of the 13 total payments due Monday to bondholders.<br />Puerto Rico will default on a $35.9 million payment on the Puerto Rico Infrastructure Financing Authority, and a $1.4 million payment on the Puerto Rico Public Finance Corporation.<br />On Nov. 30, Puerto Rico Governor Alejandro Garcia Padilla enacted an unprecedented executive order to implement a "clawback" measure that would redirect money pledged to select tax-supported bonds in order to meet the GO obligation, which is backed by the commonwealth's constitution.
