Venezuela State Oil Company's $1.2B Debt Payment to Test Socialist Party

Venezuelan state oil company PDVSA faced a $1.2 billion bond payment on Thursday, a test of the ruling Socialist Party's resolve to pay its foreign debt despite a crippling economic crisis that has spurred widespread food shortages. Markets remained optimistic that President Nicolas Maduro's government would make the payment, though investors expected delays. PDVSA last week struggled for days to deliver funds for a separate bond payment amid confusion over which banks were charged with transferring the money. More…