South American OPEC nation Venezuela will allow Uruguay to
pay off a $400 million energy debt at a 35 percent discount, Uruguay said on Monday.
Uruguay will pay Venezuela $262 million to settle the debt, President Tabare
Vazquez said after meeting with Venezuelan officials in Montevideo. Venezuela
during the decade-long oil boom allowed allied countries in the region to buy
oil on generous financing terms through cooperation agreements, creating
billions of dollars in outstanding bills.Last year's oil market crash left
Caracas scrambling for cash and negotiating deals to write down those debts in
exchange for cash up front. more...
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