According to an article posted on CNN Money, Puerto Rico defaulted on it's loan debt for the first time in the island's history. It is reported that this will not effect Wall Street. It will however, effect the residents of Puerto Rico.
The Puerto Rican government was seeking concessions from its creditors, including deferring some debt payments, or extending the repayment schedule. It seemed that no one would emerge from this crisis unscathed: Garcia Padilla is now urging the island's creditors to "share the sacrifices."
The island is struggling with about $70 billion in total outstanding debt, and its economy is in recession. For the last few years, residents of Puerto Rico have been leaving the island for jobs and stability for their family.