Friday, 17 November, 2017

Venezuela govt says debt refinancing underway as S&P cites selective default

Venezuela just defaulted moving deeper into crisis John Moore Getty Images
Conrad Doyle | 14 November, 2017, 19:32

Global credit ratings agency Standard & Poor's has declared Venezuela to be in "selective default".

Venezuelans wait for hours to buy food, but creditors at the restructuring meeting were given gift bags filled with state-produced chocolate and coffee, according to Bloomberg.

S&P's verdict came after the Venezuelan government met with global creditors in Caracas but offered no concrete plan for restructuring its $150 billion debt.

Mr Aissami, who has been accused of drug trafficking by the U.S., is himself on the list of Venezuelan individuals sanctioned by the U.S. treasury department.

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.

A meeting between Venezuela and its creditors on Monday ended without an agreement to restructure the country's debt, the same day the European Union adopted sanctions over its "political polarisation".

A committee of the International Swaps and Derivatives Association (ISDA) is weighing whether holders of PDVSA debt with default insurance - credit default swaps - can collect payment. Its continued functioning is one of the few things helping the government-which has decimated its economy through mismanagement-cling to power.

The US called an informal meeting of the UN Security Council, where US Ambassador Nikki Haley slammed Venezuela as an "increasingly violent narco-state" that poses a threat to world security. The country agreed on terms with Russian Federation for restructuring about $3 billion debt, but it still owes more than $50 billion on bonds held by other creditors. The agency warned there was a strong chance it would miss further payments within three months.

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