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S&P says Venezuela has defaulted on its debt

14 Novembre 2017

S&P said in a statement late on Monday that Venezuela had failed to make $200 million in coupon payments for its global bonds due 2019 and 2024 within the 30-calendar-day grace period, due on Sunday.

Yesterday the socialist government offered the sweet treats during a brief meeting in Caracas but left investors without a clear understanding of the government's strategy to renegotiate $60 billion in debt.

"They said they are going to form working groups to evaluate short- and mid-term debt renegotiation proposals", Geronimo Mansutti, from the Rendivalores brokerage, told AFP.

About 70 percent of Venezuelan bondholders are North American, according to government figures.

There's still hope for restructuring with only some issues in peril.

Venezuela, one of the world's riskiest credits, was declared in default by S&P Global Ratings after missing two interest payments on its debt.

"As the Venezuelan economy continues to crumble, the situation will likely only worsen especially as the country is at risk of defaulting on its debt", the U.S. delegation said in a document calling the meeting.

El Aissami's presence was problematic for some, as the United States has designated him a drug kingpin with whom United States entities are barred from dealing.

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The International Swaps & Derivatives Association will meet Tuesday to discuss whether a week-long delay on bond payments from the state oil company will trigger default-insurance contracts on those securities.

The Maduro government had said it would make a $1.2 billion payment on a PDVSA bond on November 2, but it was unclear if the funds ever reached creditors.

The so-called Determinations Committee for the Americas, comprised of 15 financial firms, met in NY on Monday, following an initial gathering last Friday, "to discuss whether a Failure to Pay Credit Event had occurred" with respect to PDVSA, according to the ISDA.

Tightening the squeeze on Maduro was the European Union's announcement of sanctions, including an embargo on arms and equipment that could be used for political repression.

Late Sunday, Maduro struck a defiant tone, insisting in remarks carried on state television that his country would "never" default and pointed to ongoing negotiations with China and Russian Federation.

But his options are very limited.

This is unedited, unformatted feed from the Press Trust of India wire.

S&P says Venezuela has defaulted on its debt