Venezuela debt restructuring could unleash crisis

In a televised address on Thursday, Mr Maduro said state oil company PDVSA would make one more $1.1bn debt payment on a bond due in 2017 and then restructure its remaining obligations with banks and investors. “I decree a refinancing and restructuring of external debt and all Venezuelan payments,” Mr Maduro said, stressing that Venezuela had always honoured its obligations, had the funds to continue doing so, but was being hindered by US financial sanctions. More…