Venezuela faces ‘se­lec­tive de­fault’

The New Age (Gauteng) - - BUSINESS -

CARA­CAS: Venezuela faced the first of what could be a cas­cade of de­faults on its $150bn (R2.15 tril­lion) for­eign debt yes­ter­day as Stan­dard and Poor’s be­came the first credit agency to de­clare the cri­sis-torn South Amer­i­can coun­try in “se­lec­tive de­fault”. The US agency’s ac­tion came amid high­level govern­ment ef­forts to find a way out of the im­passe. – AFP

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