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Puerto Rico Defaults on $58M Debt Payment

The government of Puerto Rico has confirmed that it failed to make a $58 million debt payment that was due Saturday, a move that amounted to a default for the first time in its 117 years as a United States possession. Puerto Rican officials had warned on Friday that they would not make the payment because the island legislature failed to appropriate the funds, but they argued it should not be considered a default.   But Moody's Investor Service said Monday the missed payment...

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