Venezuela wants to revive stalled talks with creditors

Venezuela wants to reopen contacts with foreign bondholders after a two-year hiatus to renegotiate some $60 billion of foreign debt, President Nicolas Maduro said on Monday. Venezuela said in 2017 it wanted a restructuring, but the process stalled amid the national political and economic crisis, and the imposition of U.S. financial sanctions.

At a news conference, Maduro gave instructions to Vice Presidents Delcy Rodriguez and Tareck El Aissami - both of whom are on the U.S. sanctions list - to contact creditors again. "You two, call a debt renegotiation round with all the bondholders in the world, let's establish a timetable of immediate solutions," he said.

"I want to meet them here or anywhere in the world that we need to go, except the United States, I don't want to go the United States any more for now." U.S. President Donald Trump calls Maduro's government illegitimate and recognizes Congress head and opposition leader Juan Guaido as Venezuela's interim president.

Guaido's team is also pursuing plans to renegotiate Venezuela's debt. He wants to prevent creditors from taking Venezuela's main foreign asset, U.S. refiner Citgo, as partial repayment for debt. Creditors have had minimal contact with Venezuelan officials because Maduro is not seen as a credible negotiator and because U.S. sanctions prevent many from holding such meetings.

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