Puerto Rico to Default on a Portion of $1 Billion DebtBy Joshua Krause Now Puerto Rico is going to ring in the New Year by defaulting on a portion of $1 billion in bonds that are due next Monday. Officials with the Commonwealth have admitted that cannot pay 2 of 13 different payments that are owed to bondholders by January 4th. This includes $35.9 million for the Puerto Rico Infrastructure Financing Authority and another $1.4 million for the Puerto Rico Public Finance Corporation. However, this isnt the first time that the Commonwealth has defaulted. In August, Puerto Rico failed to pay $58 million to its Public Finance Corporation, which was the first default in the islands history. In a recent press conference, Governor Padilla was asked about the possibility of a shutdown of government services. We have to do all we can to avoid that situation he said after announcing that he would meet with creditors in January. Unfortunately, something will have to give in the near future. Puerto Rico has over $70 billion in liabilities, which no reasonable tax could ever pay down. If Congress doesnt let Puerto Rico restructure their debt or declare bankruptcy, then the loss of some public services is inevitable. Joshua Krause is a reporter, writer and researcher at The Daily Sheeple. He was born and raised in the Bay Area and is a freelance writer and author. You can follow Joshuas reports at Facebook or on his personal Twitter. Joshuas website is Strange Danger. Hey Puerto Rico youve been scammed the same as most countries the world over. Thumbs down to the komptrollers. 