Venezuela Has Begun Refinancing Its External Debt

© REUTERS / Ueslei MarcelinoA man walks past a portrait of Venezuela's President Nicolas Maduro in Caracas, Venezuela August 7, 2017.
A man walks past a portrait of Venezuela's President Nicolas Maduro in Caracas, Venezuela August 7, 2017. - Sputnik International
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The Venezuelan government has reportedly begun the process of refinancing its foreign debt, with investors still confused over how the country plans to avoid a default.

MOSCOW (Sputnik) — Venezuela started refinancing its external debt on Monday, the state oil giant PDVSA said Tuesday, citing Venezuelan Communications Minister Jorge Rodriguez.

According to Rodriguez, earlier in the day Venezuela also began carrying out interest payments to service its external debt.

Opposition supporters attend a rally to pay tribute to victims of violence during protests against Venezuelan President Nicolas Maduro's government in Caracas, Venezuela, July 24, 2017. - Sputnik International
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He noted that over the past week, $2 billion were paid, and PDVSA had paid the entire interest on its debt.

On Sunday, the country's President Nicolas Maduro dismissed the possibility of a default, adding that Venezuela would instead work on refinancing and restructuring its foreign debt.

Venezuela, a leading oil producer, has been in a precarious economic situation for years, aggravated by a global fall in oil prices.

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