Venezuela says it will seek to restructure foreign debt
Venezuela's President Nicolas Maduro holds his glasses in front of a picture of Venezuela's late President Hugo Chavez as he meets with recently elected opposition mayors at Miraflores presidential palace in Caracas, Venezuela, Wednesday, Dec. 18, 2013. (AP Photo/Fernando Llano, file)
CARACAS, Venezuela — Venezuela's president says his country will begin the process of restructuring its debt in the face of a deep economic crisis and foreign sanctions.
President Nicolas Maduro announced the move Thursday in a nationally broadcast appearance. Venezuela has accumulated a large debt but has fallen into crisis since the global price of oil plunged.
Maduro says the government-run oil company PDVSA will make a $1.1-million payment to bondholders as scheduled Friday.
However, he says, after that payment the country will seek to refinance and restructure its foreign debts.
Maduro blamed Venezuela's bad economy on low oil prices and financial sanctions that the United States has imposed on Venezuela.
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