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    Venezuela's President Nicolas Maduro speaks during a meeting with businessmen in Caracas, Venezuela January 9, 2017

    Venezuela’s Maduro Announces Bid to Restructure External Debt

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    Venezuelan President has announced a decree to refinance and restructure the foreign debt and all payments.

    CARACAS (Sputnik) — Venezuelan President Nicolas Maduro said Thursday his administration would seek to restructure the impoverished nation’s mounting external debt.

    "As of today, I decree to refinance and restructure the foreign debt and all payments by Venezuela," Maduro said.

    He added he would appoint a special presidential commission headed by Vice President Tareck El Aissami to carry out the procedure.

    Venezuelan President announced state of economic emergency in the country on January 15, 2016. Since then,the emergency state has been prolonged eight times with the last prolongation in July 2017, which was approved against the background of the mass protests in Venezuela that started in early April, sparked by the decision of the country’s Supreme Court to curb the powers of the opposition-controlled National Assembly.

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