Venezuela is at a political crossroads,
with an all-important parliamentary election set to take place in December.
Meanwhile, the Venezuelan economy continues to deteriorate as the state seeks
to stave off default and a brewing financial crisis. The state-owned oil
company PDVSA is looking to push off debt repayments that are due in 2016 and
2017, hoping to buy two more years of breathing room. Eulogio del Pino, the
president of PDVSA, confirmed that the oil company completed debt payments of
$4.2 billion that matured last month, and will pay another $1 billion due in
the near future. But PDVSA is also seeking to work with bond holders to extend
the deadlines for short-term debt until 2018 and 2019. More…
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