Canary in the coal mine Puerto Rico defaults on $72 Billion in bonds

http://www.washingtonpost.com/busines…
Puerto Rico’s governor on need to postpone debt payments for years: ‘It’s about math’
The governor of Puerto Rico said in a televised address Monday that the island cannot pay back more than $70 billion in debt, setting up an unprecedented financial crisis that could rock the municipal bond market and lead to higher borrowing costs for governments across the United States.
“This is not about politics,” said Puerto Rico’s governor, Alejandro Garcia Padilla. “It’s about math.”
Garcia Padilla said the country needed to postpone for several years its debt payments.