Venezuela’s cash-strapped government invited creditors to a Nov. 13 meeting in Caracas on Friday, after announcing plans to potentially restructure some $60 billion in bonds that sent the OPEC nation’s debt prices plunging. President Nicolas Maduro on Thursday vowed to make a $1.2 billion bond payment but said future payments would be refinanced. Investors were unsure about what he meant, because U.S. sanctions on Venezuela mean refinancing is off the table. Many saw the announcement as paving the way for default – despite Venezuela’s promises to the contrary – because the debt burden has left the government unable to ensure citizens access to basic goods such as food and medicine. A default could create a sovereign debt crisis of a […]