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Apr 30, 2018

GATA | THE GATA DISPATCH: Venezuela stops paying $1 billion debt to Canadian gold miner

Venezuela stops paying $1 billion debt to Canadian gold miner

Submitted by cpowell on 08:09PM ET Monday, April 30, 2018. Section: Daily Dispatches By Jonathan Wheatley
Financial Times, London
Monday, April 30, 2018
Venezuela has stopped making payments on more than $1 billion it owes to a Canadian mining company, highlighting the country's extreme difficulties in paying off its overseas debt.
Gold Reserve sued Venezuela under the World Bank's dispute settlement system more than eight years ago over the expropriation of its gold-mining operations. The company finally agreed to a $1.03 billion settlement in September 2016, mostly to be paid in monthly instalments that began last July.
But fourth-quarter financial statements published by Gold Reserve at the end of last week show that the payments ended in November.
It follows an apparent cessation of payments to holders of Venezuela's sovereign bonds in September last year. ...
... For the remainder of the report:
https://www.ft.com/content/3c6180da-4c76-11e8-97e4-13afc22d86d4