Venezuela defaults on sovereign debt, says S&P

The 'D' Word Is Out – But Experts Say Venezuela Default Not Happening Yet

On Monday, government officials met with creditors in Caracas in an attempt to restructure its debt.

It is the first time in recent years the Venezuela government has exceeded the buffer period on its bonds.

"The process of refinancing Venezuela's foreign debt began with resounding success", a government statement said late on Monday, amid the impact of USA financial sanctions and unfair assessments by worldwide rating agencies.

However, the brief meeting did not include any plan from Caracas.

Bondholders, however, saw things differently.

Instead, the head of the Venezuelan commission, Vice-President Tareck El Aissami, read a statement blaming sanctions imposed by the United States for Venezuela's difficulties in making the payments.

The Venezuelan government described the creditors' meeting as "a resounding success" and said that it would continue to service its debts.

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Miami's defense forced turnovers, scored touchdowns and ended the Heisman campaign of Notre Dame running back Josh Adams. Oklahoma State jumped over TCU, moving into the No. 10 spot this week by virtue of its win over Iowa State.

Most major investment funds skipped the Monday meeting with Mr. "The patient is still on a critical life support system".

Separately, the Luxembourg Stock Exchange said it was halting trading of Venezuela's 2019 and 2024 bonds due to an "event of default".

Global credit ratings agency Standard & Poor's has declared Venezuela to be in "selective default".

Under the sanctions, no USA citizen can do business with Venezuelan individuals on the list.

And in a further blow to President Nicolas Maduro's debt-ridden socialist government S&P said: "There is a one-in-two chance that Venezuela could default again within the next three months".

"If any potential restructuring operation is completed, we would lower all of our foreign currency ratings on Venezuela to default and subsequently raise them to the "CCC" or "B" category".

Many citizens skip meals or suffer from malnutrition and preventable diseases because they can not find food and medicine or simply can not afford them due to triple-digit inflation.

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