joining us now with more from washington is daniel hansen, a geopolitical risk analyst.veryone knew that puerto rico would default. it was not clear when or how. 37 millionabout this dollar default. it is not massive but significant. alexander: even though most investors are going to get paid on january 1, most of what is happening here is that the funds that are being expended are either coming from revenue streams that are dedicated irrevocably to the bonds. or they are tapping debt service reserve fund which has been held interesting for situations like this. they are pay most of what it owes on generate first, but not out of resources from the commonwealth. it is paying out of money held in reserve in case the commonwealth is not able to make payments. use the can puerto rico same playbook in may and june when a bigger payment is due? daniel: for a third a puerto rico's debt that comes due on july 1, those debt service reserve funds will be there for the payment the comes through. the puerto rico will still have to come up with $1 billion in debt service that is cons