Venezuela is experiencing shortages of staple goods, despite being the world's fifth-largest oil producer. We take a look at how people in Caracas are dealing with the situation.
Ousted Caracas mayor Antonio Ledezma has likened his escape to a film. He plans to take the fight against Venezuelan President Nicolas Maduro abroad.
Ahead of a key meeting with creditors in Caracas about $60 billion of debts, the president has insisted Venezuela will never default on its debt. Meanwhile, the EU has moved to impose sanctions including an arms embargo.
Crisis-plagued Venezuela has suffered another blow as a committee of creditors has ruled that state oil company PDVSA defaulted on its debt — a decision that triggers payment of default insurance to investors.
Credit ratings agencies have declared Venezuela and its state-run oil company in "selective default." But Russia has offered to restructure the South American country's debt to ensure Caracas pays its other creditors.
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