Dating in caracas venezuela
With no obvious means of paying the money back, attention has turned to the country's state oil company (pictured)President Nicolas Maduro has formed a commission to restructure Venezuela's sovereign debt and that of state oil company PDVSA.
In the meantime, China said its massive financing of Venezuela was 'proceeding normally', and Russia was expected to sign an agreement as early as Wednesday to restructure £2billion of Caracas's debt, according to sources in Moscow familiar with the matter.The US called an informal meeting of the UN Security Council, where US Ambassador Nikki Haley slammed Venezuela as an 'increasingly violent narco-state' that poses a threat to world security.Permanent council members Russia and China boycotted the meeting, as did non-permanent members Bolivia and Egypt.Venezuela has defaulted on its £45billion debt after missing interest payments sparking fears investors could seize the country's oil as payment.
Caracas faced the first of what could be a cascade of defaults on its enormous foreign debt Tuesday as financial experts Standard and Poor's declared the crisis-torn South American country in 'selective default'.
But Maduro remains defiant, insisting on Sunday that his country would 'never' default and pointing to ongoing negotiations with China and Russia. A default can be declared either by the major ratings agencies, big debt-holders or by the government itself.