Puerto Rico is slated to miss its biggest debt repayment thus far, after Governor Alejandro García Padilla declared a moratorium on a more than $400 million payment due today. Padilla spoke out.

Gov. Alejandro García Padilla: “We have asked Congress over and over again to approve the measures so that we can restructure our debts. We don’t want a bailout, and we have not been offered a bailout. What we want is a restructuring process that will not cost the United States anything. We simply need the legal tools that will allow us to confront this crisis and assure that Puerto Rico will have a viable future.”