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LatinNews Regional Monitor: Andean Group - 5 January 2018

In brief: Venezuela

Venezuela: Venezuela’s President Nicolás Maduro has announced that his government has successfully restructured US$74bn of the country’s foreign debt. Venezuela and its state-owned oil firm fell into partial default in November 2017 after failing to make some service payments on their debts, and consequently President Maduro ordered the restructuring and refinancing of Venezuela’s entire foreign debt. Many analysts believe the process would be unsuccessful due to country’s deep economic and political crisis and the economic sanctions imposed on it by the US government. However, Maduro is insisting that his government has reached an agreement with some of Venezuela’s creditors (although he failed to mention which ones) and was still in conversation with other creditors about further debt restructuring. Maduro’s announcement came after Standard & Poor’s (S&P) announced that Venezuela had missed another US$35m of service payments on its sovereign bonds on 3 January.