Late Sunday evening brought devastating news to Puerto Rico: in an interview with The New York Times, Governor Alejandro Garcia Padilla decided that the debt load of the territory is not payable. The interview, prompted by the release of a report by Anne O. Krueger, fromer World Bank Chief Economist and first deputy managing director of the International Monetary Fund.

The news has been big enough that almost all national media outlets have put out stories on the matter: CNN, the Associated Press, VICE News, the Washington Post and others all covered the story. With Garcia Padilla’s statement came an examination of the report, which warns that the current path is unsustainable, and that the deficit is much larger than had been previously reported.

The Governor is expected to deliver a televised message to residents of Puerto Rico at 5:00pm, after calling for a meeting of the territory’s elected officials, which he reportedly will not attend. During the meeting, the report by Krueger will be discussed, including the recommendations set forth in it, which include extreme measures of austerity over the next 5 years to stave of total economic collapse after a default. The report proposes cuts in Medicare funding, cuts in public employment, increase in taxes, and lobbying of Congress to exempt Puerto Rico from the minimum wage and the Jones act.

Stay tuned to this story for updates and all you need to know on the looming crisis, which just happens to come on the same day fears from Greece are spreading throughout the markets.