The government led by President Danilo Medina has paid off 98% of its debt to Venezuela’s state-owned oil firm, Petróleos de Venezuela (Pdvsa), (which exceeded US$4bn), incurred under the Petrocaribe concessional oil provision scheme, thanks to a debt renegotiation agreement. The deal comes as Venezuela’s chronic economic crisis continues to deepen due to the crash in international oil prices, with renewed speculation that the Venezuelan government led by President Nicolás Maduro may seek a general renegotiation of Petrocaribe’s terms or even move towards terminating the scheme altogether in the near future. The DR’s move looks like an attempt to prepare for either of these scenarios. End of preview - This article contains approximately 810 words.
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