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techkenyot.com July 18, 2018


Venezuela in selective default, says credit ratings agency

14 November 2017, 06:39 | Hattie Nash

John Moore Getty Images

Venezuela just defaulted moving deeper into crisis

Venezuela's total external debt, which also includes loans from countries like Russian Federation and China, is thought to be as much as $140bn.

S&P's verdict came after the Venezuelan government met with worldwide creditors in Caracas but offered no concrete plan for restructuring its $150 billion debt.

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.

The Venezuelan government said Monday that the country has successfully begun the process of refinancing its foreign debt during a meeting earlier in the day in Caracas with bondholders from various countries.

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Venezuela has been in a recession since Maduro succeeded the late president Hugo Chavez in 2013.

Previously it had Venezuela in junk bond status.

The agency says "there is a one-in-two chance that Venezuela could default again within the next three months".

The ratings agency said the South American nation had failed to make $200m (£153m) in repayments on its foreign debt.

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

The US has designated vice president El Aissami himself a drug kingpin with whom US entities are barred from dealing.

"We would very likely consider any Venezuelan restructuring to be a distressed debt exchange and equivalent to default given the highly constrained external liquidity", S&P said.

Now, as United States sanctions cut deeper into what's left of the economy, it's increasingly unclear how Venezuela will support itself.

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Venezuela's envoy to the UN, Rafael Ramirez, called the meeting "illegal" and a "hostile" act "of interference" by the US.



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