Venezuela govt says debt refinancing underway as S&P cites selective default

Venezuela govt says debt refinancing underway as S&P cites selective default”

According to the Venezuelan National Assembly's financial commission's estimates, Venezuela holds a total debt close to $150 billion, which results in an annual payments close to $10 billion, "not including what is paid to China and Russia" by various agreements.

But the country also has a total external debt thought to be as much as $140bn, including loans from countries like Russian Federation and China.

Besides the two bond payments it has defaulted on, Venezuela is overdue on four other debt payments but they were still within the 30 day grace period, S&P said.

On Monday, government officials met with creditors in Caracas in an attempt to restructure its debt.

Venezuela's debt crunch comes as no surprise, as the government cuts back on imports to service its debt, leaving the population struggling with shortages of food and medicine.

President Nicolas Maduro's government had summoned creditors to Caracas for talks on Monday about restructuring Venezuela's $60 billion in outstanding bonds, but failed to present a concrete proposal.

About 70 percent of Venezuelan bondholders are North American, according to government figures.

"We rate this meeting, in which Venezuelan debt holders from Venezuela, the United States, Panama, the United Kingdom, Portugal, Colombia, Chile, Argentina, Japan and Germany participated, as highly positive and very auspicious", the statement continued.

Vice-president El Aissami blamed USA sanctions for delays to Venezuela's debt repayments.

The agency said it acted after a 30-day grace period had passed on payments on two bonds.

A committee of 15 financial firms met in NY "to discuss whether a Failure to Pay Credit Event had occurred" with respect to PDVSA, but ended up postponing a decision until Tuesday.

Late Sunday, Maduro struck a defiant tone, insisting that his country would "never" default and pointing to ongoing negotiations with China and Russian Federation.

As rough as the ride has been regarding debt, Maduro is also being buffeted by worldwide accusations that he is acting as an autocrat - stomping on democracy by marginalising the opposition, which controls the parliament, and stifling independent media.

Like this


20 Февраля 2018
Best Affordable Car Gadgets
Thanks to the blind spot mirrors that can be easily fixed on your mirror, you won’t have this issue ever again. It’s certainly not a matter of luck anymore, like it would be with no deposit spins in a casino, for example.

18 Февраля 2018
How to Write a Good Essay
Most importantly, you have to persuade a reader that what you research about is actual issue. ❏ Define the aim of your research. You get further insight into this problem thanks to , a reliable company that provides academic writing services.

24 Января 2018
How to Fix D3dx9_43.dll Is Missing Errors
You will find the reasons why this mistake appears and ways of downloading the original file from the Microsoft website. It basically has to be located in C:\Windows\System32 (however, do not rush pasting d3dx9_43.dll file to this folder).

14 Ноября 2017
Olly Murs Has Been Secretly Dating Melanie Sykes For Almost A Year
Despite Murs and Sykes insisting that they are "just friends", the source said there is a "real physical attraction" between them. The former Boddingtons pitchwoman presenter shares two children with Tudors actor Daniel Caltagrione, who she divorced in 2009.

14 Ноября 2017
Briton arrested in India being tortured by police, campaigners say
The Sikh Federation said it has contacted more than 100 MPs who are concerned about the case. Speaking to STV News , his brother Gurpreet said: "I am outraged by this".

14 Ноября 2017
Jon Stewart Says He's "Stunned" By the Louis CK Sexual Misconduct Allegations
Five women came forward Thursday to accuse C.K. of masturbating in front of them. He also revealed he hasn't spoken to the disgraced funnyman about it.

14 Ноября 2017
Investors Alertness: Gilead Sciences, Inc. (GILD) Oversold
Proshare Advisors Limited invested in 936,513 shares. (NYSE:DE) stake by 120,000 shares and now owns 378,000 shares. Clifford Swan Investment Counsel Llc sold 5,947 shares as Gilead Sciences Inc (GILD)'s stock declined 8.05%.

14 Ноября 2017
Former Faith No More Singer Heroin Overdose Suspected In Death
Chuck Mosley , former vocalist for the mid-Eighties alt-metal outliers Faith No More , has died as a result of addiction. He is survived by long-term partner Pip Logan, two daughters, Erica and Sophie and his grandson Wolfgang Logan Mosley.

14 Ноября 2017
Autodesk Inc (ADSK) Holdings Increased by Eagle Asset Management Inc
The value of the investment in Autodesk Inc increased from $38,740,000 to $39,339,000 a change of 1.5% for the reporting period. Moreover, Dimensional Fund Ltd Partnership has 0% invested in Altisource Asset Management Corp (NYSEAMERICAN:AAMC).

14 Ноября 2017
Jordan connects 12.9MW PV project in refugee camp
Although Za'atari may boast the world's largest solar plant at a refugee camp, it is certainly not a unique feature. The agency said the plant will allow the UNHCR to provide more hours of electricity to refugees' homes.