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Longstanding fears of a Venezuela debt default crystallized Wednesday, as the political crisis engulfing the sinking OPEC state deepened with a meeting set at the UN Security Council and the EU eyeing an arms embargo. Investors were bracing for what looked to be an inevitable "credit event" that analysts said could arrive within days -- before a "refinancing and restructuring" of the debt called for by President Nicolas Maduro. While the country's isolation means the risk of contagion to international financial markets is limited, a default could trigger a global rush to seize assets owned by the Venezuelan government and its state oil company PDVSA, and plunge the struggling nation into a full-blown humanitarian emergency.
Original Article: Venezuela teeters on brink of defaultNEXT ARTICLE