Venezuela's Congress to Create Committee for Future Debt Renegotiation

Venezuela’s opposition-run congress said on Tuesday it will form a commission that will eventually renegotiate the country’s debt, much of which is in default, and protect the OPEC nation’s offshore assets from seizure by creditors, Reuters reported. President Nicolas Maduro’s government has defaulted on most of roughly $60 billion in foreign bonds issued by Venezuela and state oil company Petróleos de Venezuela, S.A., or PDVSA, but has had minimal contact with creditors about addressing the situation. The measure follows U.S. President Donald Trump’s executive order last week that froze Venezuelan government assets in the United States. Opposition leader Juan Guaido wants to prevent creditors from taking the country’s main foreign asset, U.S. refiner Citgo as partial repayment for debt. Read more