Venezuelan crisis deepens; rating agencies declare default

Nicolás Maduro
President of Venezuela, Nicolás Maduro
Joka Madruga

Credit rating agencies have declared the Venezuelan government and its national oil company in default, as the country edges closer to economic collapse.

Standard & Poor’s, Moody’s Investors Service and Fitch have all declared that Caracas failed on November 13 to pay international investors the interest due on $200 million in bonds within a grace period of 30 days. This may come to represent the beginning of one of the biggest sovereign defaults in history, as international investors hold $60

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