A Crucial Deadline Looms for Venezuela

Venezuela has reached a critical point. To avoid default, state oil and gas company Petroleos de Venezuela (PDVSA) must make $3 billion in foreign debt payments over the next two months, and the government is scrambling to find the cash to do so. Although Venezuela has long lived with the risk of default on foreign debt, reports have surfaced that Caracas has yet to seal agreements for loans it will need to make the payments -- both those due soon and for the remainder of the year....