We are able to’t pay our money owed anymore

(CNN/Cash) Venezuelan President Nicolas Maduro lastly admitted his authorities can’t afford to pay all of its mounting payments.

Maduro stated in a televised speech Thursday that Venezuela and its state-run oil firm, PDVSA, will search to restructure their debt funds.

The oil firm made a $1.1 billion fee on Thursday, he stated, a large quantity for a rustic with solely $10 billion left within the financial institution. “However after this fee, beginning at the moment, I decree a refinancing and a restructuring of the exterior debt,” Maduro advised the nation.

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