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Venezuela Will Seek to Restructure Debt, Blaming Sanctions

  • Maduro plans one more payment on PDVSA bonds maturing Nov. 2
  • From there on out, the nation will try to renegotiate its debt
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Venezuela Leaves Markets Confused on Restructuring News

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President Nicolas Maduro said Venezuela will seek to restructure its global debt after the state oil company makes one more payment, blaming U.S. sanctions for making it impossible to find new financing.

The government will transfer funds for a $1.1 billion principal payment on Petroleos de Venezuela bonds that came due Thursday, Maduro said from Caracas. From there on out, the nation will renegotiate its debt with banks and investors, he said in a national address. Bonds of the state oil company and government notes maturing next year slumped in London trading on Friday.