World

Venezuela begins refinancing its foreign debt

Venezuela begins refinancing its foreign debt

Participants at the meeting told AFP that officials said the government meant to form working groups to evaluate short- and mid-term debt renegotiation proposals, but gave no specifics.

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

Venezuela hosted a brief meeting with creditors in Caracas on Monday to discuss its total $150 billion foreign debt but the discussions ended without any agreement.

While placing those latter two ratings on CreditWatch, S&P added that it saw a one-in-two chance Venezuela night default again within the coming three months.

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

China said Tuesday that cooperation with Venezuela on its massive loans was "proceeding smoothly", voicing confidence that Caracas can handle its debt problems even as the South American country descended towards selective default.




Instead, the head of the Venezuelan commission, Vice-President Tareck El Aissami, read a statement blaming sanctions imposed by the United States for Venezuela's difficulties in making the payments.

Restrictions include a ban on USA entities buying any new Venezuela debt issues - usually a required step in any restructuring. And many creditors also can't negotiate with El Aissami: He, too, is sanctioned by the US Treasury, which accuses him of drug trafficking.

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.

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

Under the sanctions, no U.S. citizen can do business with Venezuelan individuals on the list.

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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