Venezuela begins refinancing its foreign debt

14 November, 2017, 19:04 | Author: Valerie Burke
  • Venezuela in 'selective default': ratings agency

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.

Venezuelan government representatives met with creditors to try and renegotiate the debt, an initial meeting from which no agreements or concrete proposals emerged and at which the Nicolas Maduro administration informed its creditors of its limitations to pay.

Venezuela's government said its plan to refinance some $60 billion in bonds was successfully underway, while a rating agency declared the nation in selective default over missed coupon payments.

The sanctions also impose a ban on USA entities buying any new Venezuelan debt issues, complicating the government's debt restructuring plan.

Caracas has less than $10 billion left in hard currency reserves, but must make $1.4 billion in debt payments before year-end, and another $8 billion next year.

Beijing and Moscow have emerged as Venezuela's most reliable sources of funding, with China owed $28 billion and Russian Federation $8 billion.

S&P said it had lowered Venezuela's long-term foreign currency rating to "SD", and cut its long- and short-term foreign currency sovereign credit ratings on the Bolivarian Republic of Venezuela to "SD/D" from 'CC/C.

Yesterday, as nervous, mainly US, creditors met in Caracas to find out what might happen to the US$ Venezuelan sovereign bonds they own, S&P downgraded these to "soon-to-default" status. And many creditors also can't negotiate with El Aissami: He, too, is sanctioned by the US Treasury, which accuses him of drug trafficking.

Maduro is also under fire internationally for marginalizing the opposition, which controls the parliament, and stifling independent media.

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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