CARACAS, Venezuela — Cash-strapped Venezuela will launch into a discussion Monday with foreign investors about rescuing itself from crushing debt incurred during better times for the oil-rich country. Investors eager to be paid back, however, worry that confusion clouds the meeting. On the eve of the meeting Maduro tried to send a reassuring message that Venezuela will avoid default despite its mounting financial woes. “Our strategy is to renegotiate and refinance all the debt,” Maduro said in a televised address Sunday in which he also announced a deal to refinance its debt with ally Russia. Venezuela’s state power company, Corpoelec, last week was declared in default on a $650 million bond after a 30-day grace period to make an interest payment expired.

Source: National Post November 13, 2017 04:52 UTC