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Rafael Ramirez, former president of PDVSA, under investigation for corruption

Monday, June 12, 2017

Capital suggestion: Venezuela’s debt


Lo and behold, in 2014, the decade-long oil boom ended. According to the Foreign Policy magazine, “With most lending agreed to when oil hovered at more than $100 a barrel, as it did for most of 2007-2014, it seemed a good deal for both sides. However, when oil dropped to close to $30 a barrel in January 2016, this caused Venezuela’s price tag for serving its debt to explode. To repay Beijing today, Venezuela must now ship two barrels of oil for every one it originally agreed to”. More…

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