Venezuela To Buy Back $800 Million Dollar Bonds

Venezuela is to buy back a further $800 million in dollar bonds in its drive to reduce the country’s foreign debt burden. The proposed buyback by the government was approved by the National Assembly Tuesday, which assigned 1.8 trillion bolivares to paying down external public debt. No details have been offered as to the timing of the buyback or the bonds to be bought. Earlier this year, Venezuela spent $3.4 billion buying back Brady bonds as part of its strategy to cut external debt.