Economics
PDVSA to Open Swiss Office After Venezuela Hit by Sanctions
- Five-year implied probability of PDVSA default hits 99.99%
- President Nelson Martinez traveled to Geneva ahead of opening
Venezuela Inches Closer to Dictatorship
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Venezuela’s state-run oil company is opening an office in Switzerland, the latest step in the cash-strapped firm’s struggle to survive amid tighter U.S. sanctions and declining production.
Petroleos de Venezuela SA officials, including President Nelson Martinez, traveled to Geneva in mid-September before the new branch’s ribbon-cutting, according to company memos and emails shared on the condition of anonymity because the discussions were private. The documents said Martinez would chair the board of the Swiss office.