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Venezuela Will Seek to Restructure Its Debt

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President Nicolas Maduro said Venezuela will seek to restructure its global debt after the state-owned oil company makes one last payment, blaming U.S. financial 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. Venezuelan bonds trade at an average price of 36 cents on the dollar, reflecting widespread investor concern that the nation was headed for default. […]
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