Puerto Rico says it will default on Monday

Reuters/Ana Martinez Puerto Rico is going to default.  In a television address made Sunday, Puerto Rico's governor Alejandro Garcia Padilla said the island's Government Development Bank (GDB) will not make a $422 million payment due to its creditors by the end of business on Monday, according to Bloomberg. A Reuters report ahead of Padilla's address released on Sunday evening said the GDB was, "expected to skip at least the principal portion of its payment to hedge funds, credit unions and oth...