"Venezuela slipped inexorably towards a formal debt default Friday, with analysts saying it was all but inevitable for the sinking OPEC state which owes about $150 billion.
"With Venezuela's state-owned oil company having reportedly failed to make a principal payment on a bond that has now matured, credit default swaps are likely to be triggered on Friday," market analysts Capital Economics said....
President Nicolas Maduro's cash-strapped socialist government must repay at least $81 million on another PDVSA bond by this weekend, at least $1.47 billion interest on various bonds by the end of the year, and then about $8 billion in 2018....
A default would immediately cut Venezuela off from international financial markets, removing its capacity to borrow. Greatly complicating its situation, Washington has banned it from any new debt transactions in the US market."
https://www.yahoo.com/news/default-day-looms-cash-strapped-venezuela-013942939.html
"With Venezuela's state-owned oil company having reportedly failed to make a principal payment on a bond that has now matured, credit default swaps are likely to be triggered on Friday," market analysts Capital Economics said....
President Nicolas Maduro's cash-strapped socialist government must repay at least $81 million on another PDVSA bond by this weekend, at least $1.47 billion interest on various bonds by the end of the year, and then about $8 billion in 2018....
A default would immediately cut Venezuela off from international financial markets, removing its capacity to borrow. Greatly complicating its situation, Washington has banned it from any new debt transactions in the US market."
https://www.yahoo.com/news/default-day-looms-cash-strapped-venezuela-013942939.html