Reuters: Venezuela to restructure foreign debt, default looms as possibility
CARACAS (Reuters) - Venezuela on Thursday announced plans to restructure its burgeoning foreign debt, a move that may lead to a default by the cash-strapped OPEC nation whose collapsing socialist economy has left its population struggling to find food and medicine.
President Nicolas Maduro vowed to make a $1.1 billion payment on a bond maturing on Thursday, but also created a commission to study “restructuring of all future payments” in order to meet the needs of citizens.
Venezuela has few avenues to do that though because of sanctions by the United States that bar American banks from participating in or even negotiating such deals.
Thus, Maduro’s most readily available recourse to ease payments is unilaterally halting them.
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WNU Editor: If I was to put on my Russian hat right now, I would be pissed .... Don’t Mention It! Russia Pardons $1 Billion of Venezuela’s Debt for 2017 (Global Research). As for Venezuela wanting to restructure its foreign debts .... I say good luck .... U.S. sanctions have killed that possibility.
More News On Venezuela Wanting To Restructure Its Entire Foreign Debt
Venezuela says it will seek to restructure foreign debt -- ABC News/AP
Venezuela seeks to restructure debt as economy teeters on insolvency -- Deutsche Welle
As a Debt Deadline Looms for Venezuela, Maduro Is Defiant -- New York Times
Cash-Strapped Venezuela Seeks to Restructure Debt -- Wall Street Journal
Venezuela aims to restructure all foreign debt -- Financial Times
"Tomorrow Will Be Ugly": Venezuela To Restructure All Debt As Creditors Panic Over Imminent Default -- Zero Hedge
