Venezuela’s Debt Problems Are About to Get Even Worse
- Buffer period on Elecar’s $28 million payment ends Thursday
- Deadline for $280 million of other payments is this weekend
This article is for subscribers only.
Venezuela is set to fall even further behind on its debt.
With the national oil company already at risk of triggering default-insurance contracts because bondholders haven’t received a $1.1 billion principal payment that was due last week, the state electricity utility now faces the end of a 30-day grace period for $28 million in interest that it owes. To make matters worse, buffers for an additional $280 million of obligations from the government and Petroleos de Venezuela expire over the weekend.