On July 1, 2016, Puerto Rico will default on more than $1 billion in general obligation bonds, the island's senior credits protected by a constitutional lien on revenues. -Puerto Rico Governor Alejandro García-Padilla. On Wednesday, García-Padilla wrote an article for CNBC explaining why the commonwealth he governs will default again on Friday. “Puerto Rico does not have the ability to repay the $70 billion debt that was generated by past administrations and their creditors. The debt must be restructured fairly and equitably to both the people of Puerto Rico and the bondholders,” the note explained.