Venezuela tight-lipped over plans to avoid default

Financial Times, Nov 14, 2017
by John Paul Rathbone

Pressure is growing on Venezuela’s Socialist government after investors left a Caracas meeting on Monday none the wiser about how it will avoid a looming $60bn bond default and Europe imposed sanctions on the country for human rights abuses.

Standard & Poor’s became the first rating agency to determine that Venezuela was in default in relation to $200m in coupon payments for two bonds due in 2019 and 2024.

Yet if Caracas is worried that default could lead to creditors seizing its oil exports, and that EU sanctions could escalate to include asset freezes and travel bans, it is not showing it.

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