Puerto Rico Faces Record $2B Default July 1st: A Look at the Bonds Due

Puerto Rico and its agencies owe $2 billion of principal and interest. It may mark the island's biggest default yet and the first time it's skipped payments on general-obligation bonds, which are given the first claim on the island's funds. The federal bill, called Promesa, enables the commonwealth to restructure its debt through a control board that will also weigh in on its spending plans. The measure also shields Puerto Rico from creditor lawsuits seeking repayment. The island's electric utility agreed Thursday to extend an agreement with creditors so it can make its July payments.