Foreign debt reaches historic high
On 22 December 2012, Central bank (BCV) data indicated that, for the first time ever, foreign debt broke the US$100 billion ceiling at the end of the third quarter. It currently stands at US$102.3 billion, increasing 103 percent in four years and US$5.5 billion between July and September 2012. According to Barclays Capital, considering the size of the economy, Venezuelan debt both in U.S. dollars and local currency (bolivars) will account for 51.6 percent of the GDP, doubling the figure recorded in 2008.
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