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By Brian Ellsworth and Eyanir Chinea
CARACAS, Nov 2 (Reuters) – Venezuela on Thursday announced
plans to restructure its burgeoning foreign debt, a move that
may lead to a default by the cash-strapped OPEC nation whose
collapsing socialist economy has left its population struggling
to find food and medicine.
President Nicolas Maduro vowed to make a $1.1 billion
payment on a bond maturing on Thursday, but also created a
commission to study “restructuring of all future payments” in
order to meet the needs of citizens.
Venezuela has few avenues to do that though because of
sanctions by the United States that bar American banks from
participating in or even negotiating …
Read the full article at: http://markets.businessinsider.com/news/stocks/r-rpt-update-3-venezuela-to-restructure-foreign-debt-default-looms-as-possibility-2017-11-1006681814