Venezuela to go BANKRUPT in 48 hours triggering $60BILLION global financial crisis

Friday, November 10, 2017
By Paul Martin

VENEZUELA is on the brink of an official default potentially sparking huge financial chaos across the world.

By DARIUS MCQUAID
Express.co.uk
Fri, Nov 10, 2017

The crisis came to light after it was revealed state owned firm PDVSA has not made a single debt payments to India’s top oil producer ONGC for six months.

It was previously using a Russian state-owned bank and another Indian energy company as intermediaries to make payments.

Since April PDVSA have not made a payment to ONGC which is also owed $540million in a backlog of dividends due to an investment the Indian firm made on an energy project in Venezuela.

Venezuela’s President Nicolas Maduro said last week the country is planning to restructure some $60billion of bonds, a large amount which is held by PDVSA.

ONGC Videsh, the overseas investment arm of ONGC, revealed PDVSA had fallen behind on its payments.

The Indian company seems to be reasonably calm about the lack of payments for half a year and stated they were willing to give Maduro the benefit of the doubt.

A spokesman for ONGC Videsh said: “They have got certain challenges at this stage.

“They have assured that they are working on it (payment of dues). In due course it will be settled and follow up steps will be undertaken.”

The Rest…HERE

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