Puerto Rico Nears Default As Deadline Looms

03:45

July 31, 2015

The Puerto Rico Capitol is pictured in San Juan. (jbash/Flickr)

Puerto Rico is heading toward a default on Saturday, just weeks after Gov. Alejandro García Padilla in June told investors that the island's $72 billion in debt was unpayable.

The expected default over the weekend paves the way for a big fight with investors over what will be done with the country's debt.

Here & Now's Jeremy Hobson speaks with Cardiff Garcia of the Financial Times about what's in store for Puerto Rico's financial future.

Guest

Cardiff Garcia, U.S. editor for The Financial Times' Alphaville blog. He tweets @cardiffgarcia.

This segment aired on July 31, 2015.