2015-01-09 20:44:22
China Has Venezuela On Its Knees
Venezuela's President Nicolas Maduro (L) presents China's President Xi Jinping with a replica of the sword of national hero Simon Bolivar during a ceremony at the National Pantheon in Caracas July 20, 2014.
Venezuelan President Nicolas Maduro met with China’s leader Xi Jinping last week in Beijing to beg for more money. And yesterday China acquiesced rather than risk losing money and ending up in the “vulture” category.
China is already Venezuela’s largest creditor and has loaned the country over US $50 billion since 2007 in exchange for delivery of oil. China has been fairly generous with the one South American nation that makes Argentina look not so bad in comparison.
In July of last year Xi signed a US $4 billion cash-for-oil deal during his trip to Venezuela, and last year it relaxed lending terms by extending repayment deadlines and ending minimum shipping requirements.
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InfoGnomon
Venezuela's President Nicolas Maduro (L) presents China's President Xi Jinping with a replica of the sword of national hero Simon Bolivar during a ceremony at the National Pantheon in Caracas July 20, 2014.
Venezuelan President Nicolas Maduro met with China’s leader Xi Jinping last week in Beijing to beg for more money. And yesterday China acquiesced rather than risk losing money and ending up in the “vulture” category.
China is already Venezuela’s largest creditor and has loaned the country over US $50 billion since 2007 in exchange for delivery of oil. China has been fairly generous with the one South American nation that makes Argentina look not so bad in comparison.
In July of last year Xi signed a US $4 billion cash-for-oil deal during his trip to Venezuela, and last year it relaxed lending terms by extending repayment deadlines and ending minimum shipping requirements.
Για περισσότερα BusinessInsider
InfoGnomon
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