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US sanctions force Caracas to restructure foreign debt
VENEZUELA began a complete restructuring of its foreign debt yesterday in response to US financial sanctions.
In a televised address on Thursday night alongside Vice-President Tareck El Aissami, Mr Maduro announced the refinancing of all foreign debt payments as part of “the struggle against the blockade and financial persecution.”
He said state oil company PDVSA would make a $1.12 billion interest payment on bonds to the JP Morgan bank yesterday, out of an existing debt estimated at $120bn.
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