Venezuela is likely to be declared as bankrupt nation, which could start a global financial crisis, as the Latin American country has not made any debt payment to many entities including Indian oil and gas major ONGC.
The financial crisis would be amounting to USD 60 billion as Venezuela’s President Nicolas Maduro announced last week that the country was going to restructure bonds worth around USD 60 billion, Sunday Express reported. A large amount of these bonds are held by PDVSA.
The derivatives’ participant body ISDA will meet on November 13 to determine whether the debt-laden country has reached a stage for defaulting.
Venezuelas state-owned oil firm PDVSA has not made a payment to ONGC since April. Over and above…
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