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Venezuela Sacrifices Drinking Water to Pay Bondholders

From the Trenches World Report

At a time when Venezuela ’s record $25 billion in arrears to importers has its citizens waiting hours in line to buy drinking water and crossing borders in search of medicine, President Nicolas Maduro is using the nation’s dwindling supply of dollars to enrich bondholders. Venezuela, which imports just about everything, and its state oil producer have paid $2.8 billion in interest to overseas creditors this year, according to Barclays Plc. Including debt principal, bondholder outlays will balloon to almost $10 billion by year-end, the London-based firm estimates. By putting off the local companies responsible for supplying everything from diapers to cancer medications[…]