Venezuela is shipping gold to Europe to pay debt
By Patrick Gillespie
CNN, New York
Thursday, February 25, 2016
Venezuela is shipping gold to Europe so that it can pay its debt.
Venezuela sent $1.3 billion worth of gold bars to Switzerland in January, according to data from the Swiss Federal Customs Administration.
That gold was shipped out just weeks before two big debt payments due this month, totaling $2.3 billion. On Friday alone Venezuela has to pay bondholders $1.5 billion.
Venezuela is running out of cash and many experts believe there's a high chance it will default by this fall when a string of big debt payments are due.
"It's a question of when Venezuela will default, not if," says Russ Dallen, managing partner at LatInvest, a firm that invests in Latin America. "They're running out of options." ...
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