Fears are that Venezuela is approaching defaulting on payment to bondolders
- State oil and gas firm Petróleos de Venezuela, S.A. (PDVSA) default risk is growing
- It paid $1.5bn in maturing debt last week and is now running lower on cash
Bloomberg reports on a hopeful development,
- Venezuela is planning to move fast with a new mining joint venture announced this week
- With US firm Gold Reserve Inc
- Will start extracting the gold within six months (says Venezuelan central bank President Nelson Merentes)
- Will bring funds totaling $5 billion into the country ... $2 billion will go to develop the project, $3 billion will go to the central bank or state
Hmmm. Let's see how this goes.
Nuggets this big!
