"The debt is not payable," Gov. Alejandro García Padilla told The New York Times in an interview published Sunday night. "There is no other option. I would love to have an easier option. This is not politics, this is math."

Puerto Rico's legislators are currently debating a $9.8 billion budget (which has to be approved by Tuesday) that cuts $674 million and sets aside $1.5 billion to pay off part of the immense debt.

Padilla and other Puerto Rican officials told the Times that the administration would most likely pursue concessions from some or all of its creditors, including deferment of some payments for as long as five years or extending the timeframe to repay the debt.

Puerto Rico has already accumulated more municipal bond debt per capita than any other U.S. state. Compared with Detroit, the commonwealth's bonds have a face value of approximately eight times of that city's bonds. As a commonwealth, the Times reports, Puerto Rico is not able to seek bankruptcy, unlike Detroit.