Crisis-hit Venezuela, seen by many investors on the threshold of default, will try to restructure its debt after its oil company makes a scheduled $1.2 billion payment, according to President Nicolas Maduro on Thursday. Much of Venezuela’s debt is held by China and Russia, to be paid off in oil — the resource that underpins the Venezuelan economy. Credit-rating agencies are increasingly warning of the risk of a Venezuelan debt default. According to estimates by private consultancies, Venezuela has a debt mountain of $150 billion, of which $45 billion is public debt, $45 billion is owed by PDVSA, $23 billion is owed to China, and $8 billion is owed to Russia. The International Monetary Fund last month said Venezuela “remains in a full-blown economic, humanitarian and political crisis with no end in sight.” AFPAFP/CC

Source: Manila Times November 03, 2017 00:22 UTC