Venezuela’s socialist federal government gifted chocolates to lenders at debts talks on Monday, but little else with regards to organization proposals to renegotiate $60 billion found in bonds, suggesting the struggling OPEC nation lacks a technique to avert default.
President Nicolas Maduro confused shareholders this month with a vow to continue paying Venezuela’s crippling debts, while also seeking to restructure and refinance it.
Both restructuring and refinancing appear out of the question, however, because of U.S. sanctions against the crisis-stricken nation. A default would substance Venezuela’s dire economical crisis.
Monday’s brief and confused appointment, attended by senior Venezuelan officials blacklisted by the United States, gave no clarity how Maduro would perform his program, bondholders and their representatives who all participated said afterwards.
Which means Venezuela remains with the dilemma of whether to continuing paying debts at the expense of an increasingly hungry and sick human population, or defaulting on lenders and burning its bridges to the global financial system.