Russia, Venezuela agree to restructure debts
13:13 • 16.11.17
Russia has agreed to restructure $3.15bn (£2.4bn) in debt owed by Venezuela, providing breathing space to the cash-strapped country, BBC News reports.
The deal, announced on Wednesday, allows Venezuela to make "minimal" repayments on its Russian obligations over the next six years.
It comes a day after credit ratings agencies raised alarm after Venezuela missed recent debt interest payments.
Venezuela owes an estimated $140bn to foreign creditors.
The government hosted a meeting in Caracas earlier this week to discuss restructuring, but creditors who attended the meeting told journalists that it ended without the government making any concrete proposals.
Venezuelan officials said the government had started transferring $200m in interest payments and would continue to meet its obligations.
"Venezuela is moving forward towards recomposing its external debt in benefit of its people" Venezuela's Finance Minister Simon Zerpa said on Wednesday as he announced the deal with Russia.
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