The government in question is that of Venezuela, which is nearing default as it is running out of resources to pay back the money it owes to its Russian creditors according to the terms it accepted when it chose to borrow money from them.
MOSCOW, Sept 8 (Reuters) – Russian Finance Minister Anton Siluanov told reporters on Friday that Venezuela is having problems with fulfilling its obligations on its debt to Russia.
‘We have a request from our colleagues in Venezuela to do a restructuring,’ Siluanov said.
Venezuela owed Russia $2.84 billion as of September last year.
The Venezuelan government is now scrambling to restructure its foreign-held liabilities following sanctions put on the country’s President Nicolas Maduro and 20 other individuals, and also the Venezuelan government-owned oil company by the US Treasury Department after Maduro rigged an election to select representatives to rewrite the country’s constitution in his favor.
This post was published at FinancialSense on 09/15/2017.