Venezuela in a bind as Nicolás Maduro faces default dilemma

Nicolás Maduro promised “God will provide” after Venezuela’s president returned to Caracas apparently empty-handed from a world tour where he had sought financial help for his country’s ravaged economy. Venezuela — which is a member of Opec, the oil producer’s cartel — is heavily dependent on exports of crude, the price of which has more than halved since the summer to under $50 a barrel on Thursday.In a televised state of the nation speech, Mr Maduro said oil would “not return to $100”, adding: “We have less foreign currency . . . But God will provide”. More…