Related Articles
Forward article link
Share PDF with colleagues

Venezuela going for broke

The Maduro government wants a new deal on its debt. Things are going to get messy

The inevitable has come to pass. During a 2 November national broadcast, Venezuela's President Nicolás Maduro said the country could no longer pay its debts and he was setting up a commission to negotiate a restructuring with holders of sovereign and state oil company PdV bonds. Maduro blamed an "economic war" waged by the Trump administration, saying recent sanctions had given his government no choice but to seek a new debt deal. In truth, the sanctions are a useful scapegoat. Venezuela's economy has been crushed by economic mismanagement, the fall in the oil price and the heavy debt burden accumulated when prices were high. The government has only been able to keep up with the payments by

Also in this section
Taiwan’s useful LNG ally
17 August 2018
Strengthening energy links between Taiwan and the US could impact on power dynamics in the South China Sea
Book Review: Unraveling Syria's struggles
16 August 2018
Diana Darke paints a broad picture of Syria, past and present, identifying the nation’s complex character and its remarkable endurance capacity
Kenya project on track, despite unrest
16 August 2018
Concerns over revenue sharing and security have triggered repeated blockades at the remotely located oil development