Puerto Rico started the New Year by defaulting on some of its debt. It failed to make $37.3 million in interest payments on two different types of debt — $35.9 million in Puerto Rico Infrastructure Financing Authority debt and $1.4 million in Public Finance Corporation debt.

Just two weeks earlier, with full acknowledgement that a default was likely, the governor decided to dole out $120 million in Christmas bonus payments to government workers.

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