Venezuela Debt Wreck Marks New Milestone as $6.1 Billion Unpaid
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Venezuela’s debt crisis passed a new milestone as the government missed a principal payment on one of its bonds for the first time this week, boosting arrears on international securities to $6.1 billion.
It was hardly a surprise for investors, who have watched the value of their securities plummet since President Nicolas Maduro announced in November that he would seek to restructure the country’s debt in the midst of an economic crisis. But it reinforced the difficult position creditors find themselves in as the overdue payments pile up with no resolution in sight and no easy recourse for getting their money back.