Venezuelan bond prices jump on report state oil giant has approved make-or-break debt payment

CNBC-01The price of Venezuelan bonds rose across the board Tuesday on a report that the nation’s state oil giant has made good on two missed interest payments and had approved funds ahead of a critical debt deadline.

PDVSA has not made an announcement about the payments or the approval, but if confirmed, it would alleviate an immediate threat to the viability of embattled President Nicolas Maduro’s regime. Venezuela is in the middle of a full-blown economic crisis and has suffered severe food shortages, violent street clashes and runaway inflation.

Macroeconomic research firm Ecoanalitica on Tuesday reported on Twitter that Petroleos de Venezuela SA had disbursed nearly $122 million in overdue interest payments. PDVSA, as the company is known, has also cleared a $984 million principal and interest payment on a note — the first of two make-or-break debt payments coming due within the next two weeks. …

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During the last several decades, the United States has invested billions of dollars in trying to help the governments of Latin America and the Caribbean deliver better lives for their citizens. This has meant helping them increase internal security by combating the illicit growing and trafficking in narcotics and the activities of terrorist groups, as well as helping them to shore up their democratic and free market institutions.

Unfortunately, in recent years, continued progress in these areas has been threatened, not least by the elections of radical populist governments in Venezuela, Bolivia, and Ecuador. These governments have instituted retrograde agendas that include the propagation of class warfare, state domination of the economy, assaults on private property, anti-Americanism, support for such international pariahs as Iran, and lackluster support for regional counter-terrorism and counter-narcotics initiatives.

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