Here It Comes: Puerto Rico Is Headed for a Debt Default

So it looks like Puerto Rico has some fun weekend plans. After months of staggering under its $72 billion debt load, the island is expected to miss a bond payment due Saturday which—despite what some government officials have claimed—means the island probably heading for default. (We won't know for sure whether it happens until Monday, according to Reuters, since the cash isn't due until the next business day).

Think of this as a gentle warmup for a much bigger confrontation over

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