As Venezuela spent heavily on social programs under the late President Hugo Chavez, a time when global oil prices soared, its debt skyrocketed to over $120 billion, about half of which is in the form of dollar-denominated bonds.
In a joint statement, all 28 EU ministers said the legal basis for individual travel bans to the EU and the freezing of any Venezuelan assets in the bloc "will be used in a gradual and flexible manner and can be expanded".
Dallen said Monday is also expected to be a pivotal day as three bonds come due and the International Swaps and Derivatives Association, a group representing the derivatives industry, meets to discuss Venezuela's debt situation.
Less than a week after Venezuela shocked the world by announcing it would proceed to restructure its massive external debt, even as it was within the grace period on hundreds of millions in unpaid interest expense, on Thursday the socialist nation confirmed it has never been closer to an official default after Reutersreported that Venezuela's state oil-firm company, PDVSA, has not made a debt payments to India's top oil producer ONGC for six months, and has previously used a Russian state-owned bank and another Indian energy company as intermediaries to make payments. British foreign minister Boris Johnson said the EU wanted to "get Mr Maduro to see sense" through the pressure from sanctions.
Investors eager to be paid back, however, worry that confusion clouds the meeting.
But Zerpa's exhortation to attend, plus the location of the meeting right opposite the Miraflores presidential palace, appear to indicate the meeting will not be a low-profile affair. "In due course it will be settled and follow up steps will be undertaken. And just to underscore that it has no intention of pushing Venezuela into involuntary bankruptcy, ONGC added that we have a good working relationship with PDVSA". U.S. -based creditors are not prohibited from attending the meeting, but are barred from dealings with officials such as Zerpa and El Aissami.
The two sides in September held "exploratory meetings" with the backing of Dominican President Danilo Medina. She was responding to reporter Marc Perelman's claim that 300,000 children are at risk of dying of hunger in Venezuela.
Nobody will want to go near something that could be an OFAC violation, said Robert Koenigsberger, chief investment officer at Gramercy Funds Management, which dumped its Venezuela debt a year ago.
Which means that for those following the Venezuela default drama, next week could be especially exciting. "Venezuela is not very far away and the people are suffering and they're dying". Link to original article. In the end it won only a handful of governorships, according to the pro-government electoral board. The government's scheming at the climate talks is doing for its national image what whaling has done for Japan.