Puerto Rico may not be able to pay back its $72 billion public debt, and the U.S. territory's governor hopes to defer payments and negotiate with creditors, according to Jesús Manuel Ortiz, spokesman for Gov. Alejandro García Padilla.

Padilla told The New York Times he needs to pull the island out of a "death spiral" and would likely seek significant concessions from the commonwealth's creditors.

"The debt is not payable," the Puerto Rico governor said. "There is no other option. I would love to have an easier option; this is not politics, this is math."

Puerto Rico has piled on more municipal bond debt per capita than any U.S. state, and much of the territory's debt is held by individual investors on the mainland -- in mutual funds or other investment accounts. Many who indirectly invested in the commonwealth may not even be aware of such holdings.

As Time explained, Puerto Rican bonds used to be popular with American mutual funds because they were tax-freime. But as the local economy worsened and its credit rating dropped, hedge funds and distressed-debt buyers began buying up much of its debt.

Meanwhile, Jenniffer González Colón, a leader of the main opposition New Progressive Party Republican Party of Puerto Rico, harshly criticized the governor's comments.

"I think it's irresponsible," González Colón said. "[Padilla] met privately with The New York Times last week, but he hasn't met with the leaders of this island."

Legislators in San Juan have been debating a $9.8 billion budget that calls for $674 million in cuts and sets aside $1.5 billion to help pay off the debt.

The commonwealth's Constitution requires that its debts be repaid before any other obligations are met, but the governor may seek a referendum and a vote on a constitutional amendment to circumvent that prescription.