Venezuela exposed by looming debt payments

Venezuela's government and state-owned oil company PdV have combined debt of more than $3bn due before the end of 2018, an amount equivalent to more than a third of the central bank's hard currency reserves of $8.44bn. Both are already in default on $6.4bn in sovereign and corporate debt accumulated over the past year. Four financial sector executives consulted by Argus say the government will accumulate more arrears during the rest of the year as PdV's production continues to decline, although part of the payments could be made. More…