Puerto Rico's governor says the island's government will not pay most of $470 million in debt payments due by Monday.

Gov. Alejandro Garcia Padilla says negotiators for the U.S. territory's government have failed to reach a last-minute deal to avoid a third default.

The governor said in a speech Sunday that he has issued an executive order to withhold payment for most the amount due.

The government has been negotiating with creditors through the weekend. They managed to reach a deal to postpone some of the payments but Garcia says they cannot go further without threatening basic necessities for people who live in Puerto Rico.

This is the largest default by the territory by far and could shut off access to capital markets.