Financial safety


Venezuela Strikes Restructuring Deal for $3.15 Billion Debt Held by Russia

Venezuela has struck a payment restructuring deal for its more than $3 billion debt with Russia, officials said on Wednesday.

Russia’s Finance Ministry said in a statement that restructuring would allow Venezuela to pay its consolidated $3.15 billion debt back over a 10-year period with minimal payments over the first six years.

“Debt relief provided to the Republic as a result of debt restructuring will allow it to allocate funds for the development of the country’s economy, improve the debtor’s solvency and increase the chances of all creditors to return loans previously granted to Venezuela,” the Ministry added.

Standard & Poors, a rating agency, declared on Monday the crisis-hit nation to be in selective default after it failed to pay $200 million due on its foreign debt.

Meanwhile, other prominent rating agencies warned that the state oil company PDVSA had also defaulted.