Puerto Rico: No money available to make $58M bond payment

My Way News - Puerto Rico: No money available to make $58M bond payment:
"SAN JUAN, Puerto Rico (AP) — Puerto Rico's government said Friday it would not make a $58 million bond payment due on the weekend and warned that the general fund will run out of liquidity by November if no action is taken.
Gubernatorial Chief of Staff Victor Suarez said at a news conference that the island's Public Finance Corporation could not meet the payment due Saturday.
"We don't have the money," he said, adding that the government still hopes to reach an agreement with creditors on renegotiating its debts.
Gov. Alejandro Garcia Padilla warned several weeks ago that the government and state agencies cannot repay the $72 billion in public debt that hangs over the U.S. territory, which is struggling with a nearly decade-long economic slump.
Puerto Rican officials contend that failure to make Saturday's payment will not constitute a default because it involves moral obligation bonds, which means there is no legal requirement to repay them."