Venezuela is seeking more debt renegotiation.
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The country has decided to renegotiate its foreign debt again because the recent plunge in oil prices had seriously impaired its ability to make debt payments. President Jaime Lusinchi told a news conference that Venezuela was invoking a contingency clause in its Feb. 26 refinancing of $21.2 billion in public debt that allows the reopening of payment negotiations when Venezuela’s ability to make payments is damaged substantially. Venezuela’s total foreign debt is $35 billion.
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