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Venezuelan real salary has fallen 89.9% by March

Wednesday, March 22, 2017

Venezuela vows PDVSA will met 2017 bond payments amid stronger oil prices

Venezuelan state oil company PDVSA will honor some $17 billion in bond payments due this year thanks to stronger oil prices, Economy Vice President Ramon Lobo said in a newspaper interview published on Tuesday. Brent crude, the international benchmark for oil, surged in January above $58 per barrel in the wake of output cuts, although it slipped last week to a three-month low. Cash-squeezed Venezuela depends on oil for over 90 percent of its hard-currency revenues, so market fears have grown over its ability to service major debt payments. President Nicolas Maduro's government, however, has repeatedly ruled out a default. More…

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