Venezuelan Chaos Could Grow Much Worse

As Venezuela sinks further into chaos the country has large bills that are coming due and it still has not paid other debts due several weeks ago. On Friday, PDVSA the state-operated oil company paid $900 million to its bondholders, but another $350 million is still owed, from earlier in the month. A number of experts following the economy in Venezuela see a default by the government as inevitable. The consequences if that were to happen would be very severe for a country of 30 million that is already close to running out of medicines and food. Adding to the problems are more bills that will be due in less than a week. On November 2, next Friday, Venezuela owes over $1.1 billion. A three-day grace period to pay will be added if it is not paid on time before it is in default. . More…