Puerto Rico faces default as governor plans to address island

The Government Development Bank (GDB) is seen in San Juan, November 30, 2015. Reuters/Alvin Baez/File Photo

SAN JUAN/NEW YORK (Reuters) - Puerto Rico's governor will make a televised speech on Sunday ahead of an expected default on $422 million of debt due on Monday, as the U.S. territory's economic crisis enters its most dire stretch yet. 

The Government Development Bank, Puerto Rico's primary fiscal agent, is expected to skip at least the principal portion of its payment to hedge funds, credit unions and other bondholders.