Puerto Rico on brink of debt default; Misses Payment

``The territory, which successfully scrambled to make a $169m payment on debts owed by the Government Development Bank on Friday, did not make a $58m payment on Public Finance Corporation bonds, according to Victor Suarez, chief of staff for Puerto Rico's governor... economic activity would have to grow "substantially" in a very short time to avoid a haircut of $30bn to $40bn, which is necessary to get Puerto Rico "out from underneath this debt". Nonetheless, litigation may start as early as next week, predicted David Kotok, chief investment officer of Cumberland Advisors.''