Venezuela, in ‘selective default’, signs debt deal with Russia

Venezuela, in ‘selective default’, signs debt deal with Russia:

Moscow (AFP) – Venezuela signed a debt restructuring deal with major creditor Russia on Wednesday, as ratings agencies declared Caracas in partial default.

The country is seeking to restructure its foreign debts, estimated at around $150 billion, after it was hit hard by tumbling oil prices and American sanctions.

A Venezuelan delegation led by Finance Minister Simon Zerpa signed the deal restructuring $3.15 billion of debt taken out in 2011 to finance the purchase of Russian arms.

H/t reader squodgy:

“Looks like they’re prioritising their debt by re-arranging things with creditors they feel they’ll need in the future.
Rejection of America, who merely rape countries on behalf of bankers, is understandable, but that leaves China, Russia and the odd rebellious European renegade to climb aboard with the know incentive that they will be entitled to be involved in part of the biggest oil reserves in the world.”

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