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Venezuela

Government seeks line of credit

07-Feb-2013

 

On 1 February 2013, Reuters published a report indicating that government authorities are urgently negotiating a credit line of US$6 billion, citing bloated public spending and unsteady currency controls as primary reasons for the request. Among the considered creditors is the China Development Bank, which has reportedly stalled on a US$4 billion loan. Additionally, the government has been in talks with U.S. company Chevron Oil for an oil production agreement that would include a US$2 billion line of credit.

 

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