Venezuela is seeking more debt renegotiation.
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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