Puerto Rico is on the verge of becoming "the Greece of the Caribbean" as the U.S. territory is inching ever closer on some critical bond deadlines.

If the commonwealth proved unable to pay its bondholders, it would enter into its first default in its history, CNBC explained. Observers are closely watching a Dec. 1 deadline on which $355 million of notes issued by the Government Development Bank (GDB) come due, the business channel noted.

Puerto Rico's legislature on Tuesday approved a new board to oversee its finances, a step it hopes will show creditors that it is serious about spending reforms, Reuters reported. The body's members will be appointed by Gov. Alejandro García Padilla, who has warned that the island's economy has been subject to a "death spiral" in recent months, the Huffington Post said.

On Wall Street, meanwhile, all eyes are on the GDB, Puerto Rico's financing arm, which recently released an update on its finance that showed it had a net liquidity of approximately $875 million as of Sept. 30, CNBC detailed.

Moody's Investors Service, meanwhile, predicted that a partial default would become increasingly likely in the coming weeks.

"The GDB has less incentive to make a payment of $81.4 million in debt service on non-general obligation-backed debt, as the payment pledge does not benefit from constitutional protections," the financial information service said in a statement to its subscribers.

"However, given the already severe and growing liquidity challenges facing the commonwealth, it may be forced to default also on the $273.3 million of GDB notes that are backed by the commonwealth's general obligation guarantee," Moody's added.

García Padilla, meanwhile, has demanded that Puerto Rico's creditors take into account that the commonwealth is in the midst of an economic crisis and is faced with a 45 percent poverty rate and some $70 billion in debt the governor has called "unpayable," Reuters noted.

The chief executive has urged creditors to consider concessions, but bondholders have said that spending reforms are a key condition for them to consider any relaxation of the repayment terms, the newswire added.