S&P declares Venezuela in selective default after missed payments

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Venezuela accuses Washington of "attacking" its economy and denounces that the credit rating agencies, following the pattern of financial blockade undertaken by the Donald Trump administration, extol the reports that are devoid of any form of rigor and veracity, and intervene to hinder the country.

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

But Venezuela's unpaid obligations total $420 million, and four additional coupon payments are overdue but within their grace periods.

Venezuela's debt crunch comes as no surprise, as the government cuts back on imports to service its debt, leaving the population struggling with shortages of food and medicine.

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The sanctions also impose a ban on United States entities buying any new Venezuelan debt issues, complicating the government's debt restructuring plan.

In the past, despite the hardships its people suffer, Venezuela has used its foreign reserves to make bond payments. S&P lowered two issues' ratings to "D" (default) and said there is a one in two chance that the government.

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

A committee of the International Swaps and Derivatives Association (ISDA) is weighing whether holders of PDVSA debt with default insurance - credit default swaps - can collect payment. The country agreed on terms with Russian Federation for restructuring about $3 billion debt, but it still owes more than $50 billion on bonds held by other creditors.

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The Maduro government had said it would make a $1.2-billion payment on a PDVSA bond on November 2, but it was unclear if the funds ever reached creditors.

Adding to the pressure on Maduro was the European Union's announcement of sanctions.

Now, as U.S. sanctions cut deeper into what's left of the economy, it's increasingly unclear how Venezuela will support itself.

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