Home Business Venezuelan Securities Reach Maximum Since 2017 Due To Expectations of Political Changes

Venezuelan Securities Reach Maximum Since 2017 Due To Expectations of Political Changes

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Venezuelan government and dollar oil company PDVSA‘s dollar bonds widened gains on Thursday as US support for opposition leader Juan Guaido fueled investors’ expectations of a turnaround in the country.

Guaidó declared himself interim president on Wednesday, gaining support from Washington and parts of Latin America, prompting President Nicolas Maduro in office since 2013 to break ties with the United States.

The Maduro government has begun gradually suspending interest payments on about $ 50 billion in public debt in 2017 in an effort to save dollars.

Government and state-owned companies owe more than $ 8 billion in interest and principal amid the collapse of the country’s economy.