At issue: Puerto Rico's government will not make nearly $370 million in bond payments due Monday after a failure to restructure or find a political solution to its spiraling public debt crisis.
Bailout vs. restructure: Gov. Alejandro Garcia Padilla says he does not want a bailout but simply legal ability to restructure existing debt.
Sticking point: However, for that to happen, the U.S. territory needs Congress in Washington, D.C., to act. So far, it has not.
What's next: Puerto Rico expects multiple lawsuits to be filed shortly after Monday's default. The island nation also faces a July 1 deadline, when about $2 billion in principle and interest payments come due.
Commonwealth of Puerto Rico
What it is: Unincorporated, organized territory of the United States with commonwealth status
Where: Caribbean, island between the Caribbean Sea and the North Atlantic Ocean, east of the Dominican Republic
Size: 13,791 square kilometers
Capital: San Juan
Population: 3.5 million total; nearly 2.5 million live in San Juan
History: Italian explorer Christopher Columbus claimed Puerto Rico for Spain in 1493; colony was won by the U.S. in Spanish-American War of 1898; eventually was given a type of U.S. local government with a legislature and governor.
U.S. ties: Most governmental issues handled by U.S. Interior Department.
Voting status: Natives have American citizenship but cannot vote in U.S. presidential elections if they are Puerto Rico residents. They can vote in U.S. primary elections.
Sources: CIA: The World Factbook, Reuters, AP