Russia: Venezuela secures agreement to restructure $3.15 bln of debt

Venezuela secured an agreement to restructure $3.15 billion (€2.67 billion) of its foreign debt held by Russia, in Moscow on Wednesday. Under the terms of the agreement, Venezuela will reportedly repay the loan over a 10-year period, with minimal payments in the first six years. At a press conference, Vice President for Economy and Finance of Venezuela, Wilmar Alfredo Castro Soteldo, said the... Еще agreement was «favourable for both countries.» He added, «from the beginning of President Chavez's government, President Putin had always maintained a friendly and prosperous relationship with Venezuela. Today, we lay bare that solidarity, that respect, that strong relationship.» On Tuesday, international credit ratings agency Standard & Poor's declared that Venezuela was in selective default. The country's external debt is thought to be as high as $140 billion (€119 billion).

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