Many of the largest cooperativas in Puerto Rico have agreed to a limited exchange of about $33 million in Government Development Bank bonds in a deal that was announced just days before the island's government defaulted on $422 million in other bonds.

The deal did not mention any federal support for the state cooperativas and the $33 million is a just drop in the bucket as the cooperativas hold hundreds of millions of dollars in GDB bonds. The GDB said negotiations are continuing with other entities that hold its bonds, including hedge funds. Meanwhile, the island's government defaulted on $422 million in bonds Tuesday.

Cooperativas are financial institutions insured by a territory government agency, the Corporation for the Supervision and Insurance of Cooperatives. There are more than 100 cooperativas in Puerto Rico in addition to 11 credit unions that are insured by the NCUA.