Russia is throwing a life-line to defaulting Venezuela after the two countries signed on Wednesday a deal to restructure US$3.15 billion worth of Venezuelan debt owed to Moscow. Under the terms of the deal that Russia’s Finance Ministry announced today, Venezuela will be repaying the debt over the next ten years, of which the first six years include “minimal payments”. “The debt relief provided to the republic from the restructuring of its liabilities will allow funds to be allocated for the country’s economic development, to improve the debtor’s solvency and increase the chances of all creditors to recoup loans granted earlier to Venezuela,” the Russian ministry said. However, the deal doesn’t include funds that Venezuelan companies—including state oil firm PDVSA—have borrowed from Russia, Venezuelan Economy and Finance Minister Simon Zerpa said, as quoted by Reuters . According to Venezuela’s vice president for economics, Wilmar Castro Soteldo, the terms of […]