Philippine Daily Inquirer

Debt default by Venezuela seen inevitable

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Venezuela slipped inexorably toward debt default, with analysts it was all but inevitable for the sinking oil-producing state. Major credit rating agencies Fitch, Moody’s and Standard and Poor’s have all downgraded Venezuela’s standing. Default would immediatel­y cut Venezuela off from internatio­nal financial markets, removing its capacity to borrow. Greatly complicati­ng its situation, Washington has banned it from any new debt transactio­ns in the US market. For a country with the world’s largest oil reserves, estimated at nearly 300 billion barrels worth more than $15 trillion—such debt should be bearable.

 ?? —AFP ?? Maduro holds a sign boasting of what he claimed was percentage of Venezuelan­s supporting him.
—AFP Maduro holds a sign boasting of what he claimed was percentage of Venezuelan­s supporting him.

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