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Venezuela Flirts with Default as it Faces Sanctions

While the Venezuelan economy continues to contract and oil production continues to fall, the government of President Nicolás Maduro has had to scramble (somewhat unsuccessfully) to make payments on the nation’s debts. On November 13, 2017, Venezuelan officials met with creditors in Caracas, but little headway was made, even as ratings agencies declared Venezuela in default. This debt crisis comes just as the United States and the European Union have announced new sanctions on the Maduro administration. Pundits gamed out the possible consequences.

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