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Venezuela in 'selective default': S&P

14 November 2017

The Venezuelan government described the creditors' meeting as "a resounding success" and said that it would continue to service its debts.

Beijing and Moscow have emerged as Venezuela's most reliable sources of funding, with China owed $28 billion and Russian Federation $8 billion.

S&P says Venezuela is also overdue on four other bond payments worth a total of $420m but that the grace period has not yet expired on those payments.

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Venezuelan government representatives met with creditors to try and renegotiate the debt, an initial meeting from which no agreements or concrete proposals emerged and at which the Nicolas Maduro administration informed its creditors of its limitations to pay. But this week, one of the country's last vestiges of normalcy was erased when credit rating firm Standard & Poor's said the country was in default.

Caracas has less than $10 billion left in hard currency reserves, but must make $1.4 billion in debt payments before year-end, and another $8 billion next year.

China said Tuesday that cooperation with Venezuela on its massive loans was "proceeding smoothly", voicing confidence that Caracas can handle its debt problems even as the South American country descended towards selective default.

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Mr Aissami, who has been accused of drug trafficking by the United States, is himself on the list of Venezuelan individuals sanctioned by the U.S. treasury department.

A committee of the International Swaps and Derivatives Association (ISDA) is weighing whether holders of PDVSA debt with default insurance - credit default swaps - can collect payment.

The agency said it acted after a 30-day grace period had passed on payments on two bonds.

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Adding to the pressure on Maduro was the European Union's announcement of sanctions. Nevertheless, his options are very limited.

Venezuela in 'selective default': S&P