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Puerto Rico to default on $422M bond payment

Puerto Rico Gov. Alejandro Garcia Padilla said thecommonwealth will default on a $422 million debt payment due May 2 by itsGovernment Development Bank, Bloomberg News reported May 1.

In a televised address, Padilla said he decided toprioritize providing essential services instead of meeting creditor demands,citing a debt moratorium law passed in April, the news outlet said.

Certain hedge funds holding $900 million of debt havetentatively agreed to accept a possible 53% haircut on the original face valueof the securities, the news outlet said, citing the Government Development Bank.