Venezuela missed a crucial payment and finally defaulted on its bonds
8 months ago admin2 Comments Off on Venezuela missed a crucial payment and finally defaulted on its bonds
After years of brinksmanship, Venezuela is officially in default, according to credit ratings agency Standard & Poor. The country failed to make an interest payment to international creditors this week.
Published| Photo by Reuters/handout
The cash-strapped Venezuelan government has been fighting to pay foreign creditors on time in order to preserve assets like state oil firm Petróleos de Venezuela, a vital source of cash.
Venezuelan president Nicolás Maduro’s administration continued to pay creditors even as the country has faced dire food and drug shortages.