Puerto Rico just defaulted on its $72 billion debt pile

SAN JUAN, PUERTO RICO - JUNE 30: A Puerto Rican flag flies from a building a day after the speech Puerto Rican Governor Alejandro Garcia Padilla gave regarding the government's $72 billion debt on June 30, 2015 in San Juan, Puerto Rico. The Governor said in his speech that the people will have to sacrifice and share in the responsibilities for pulling the island out of debt. (Photo by Joe Raedle/Getty Images)