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vegassports-odds.com November 20, 2017


S&P declares Venezuela in selective default after missed payments

14 November 2017, 07:04 | Taylor George

Venezuela begins refinancing its foreign debt

Ratings Agencies Cave: Venezuela Defaulted, Selectively

Standard & Poor's estimates that United Kingdom consumer credit, which has grown by 10 per cent annually, now stands at £200 billion, and is unsustainable. President Nicolas Maduro's negotiating committee met with investors in Caracas on Monday but offered no firm proposals on its intention to alleviate crippling foreign debt.

In the meantime, China said its massive financing of Venezuela was "proceeding normally", and Russian Federation was expected to sign an agreement as early as Wednesday to restructure $3 billion of Caracas's debt, according to sources in Moscow familiar with the matter.

Venezuela is buried under a $150 billion foreign debt mountain, including $28 billion owed to its biggest creditor China and another $8 billion to Russian Federation.

In the case of Venezuela, the government of President Nicolás Maduro failed to make $200m in payments on two global bond issues by 12 November, when a 30-day grace period expired.

But Venezuela's unpaid obligations total $420 million, and four additional coupon payments are overdue but within their grace periods.

In the past, despite the hardships its people suffer, Venezuela has used its foreign reserves to make bond payments.

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Caracas added that it has "punctually" paid $73.35 billion for debt services in the last 36 months, and hoped that the Monday's meeting will help reiterate its willingness to comply with its commitments.

About 70 percent of Venezuelan bondholders are North American, according to government figures. S&P lowered two issues' ratings to "D" (default) and said there is a one in two chance that the government.

"We would very likely consider any Venezuelan restructuring to be a distressed debt exchange and equivalent to default given the highly constrained external liquidity", it said. And many creditors also can't negotiate with El Aissami: He, too, is sanctioned by the US Treasury, which accuses him of drug trafficking.

PDVSA, in turn, relies on credit lines from worldwide banks to finance oil production.

But Maduro remains defiant, insisting on Sunday that his country would "never" default and pointing to ongoing negotiations with China and Russian Federation.



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