Venezuela will avert a debt default by paying more than $4.56bn of dollar-denominated bond maturities due in the first half of this year, but its ability to meet greater total obligations later this year is less certain. President Nicolas Maduro has vowed that the government, including stateowned oil firm PdV, will not miss any debt payments this year. Finance ministry and central bank officials dismiss widespread concerns that low oil prices have raised the odds that Venezuela could default on its foreign debt as soon as next month. But they acknowledge a bleak outlook for the second half of this year, when a further $6bn of bond maturities come due, if weaker oil prices persist.
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