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Venezuela says it will seek to restructure foreign debt

November 3, 2017 2:00 AM
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Venezuela says it will seek to restructure foreign debt

President Nicolas Maduro announced Thursday that he will begin restructuring Venezuela's foreign debt, calling it the best way to get around U.S. financial sanctions that he said are crippling the oil-dependent nation.

But in a sign that he may be trying to avoid an ugly fight with Wall Street, Maduro also ordered state-run oil company PDVSA to make one last $1.2 billion bond payment in full before attempting to postpone future foreign payments.

Also read: Toshiba to Raise $5.3 Billion in Sale of New Shares to Foreign Funds

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