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Venezuela buys time as it reaches new oil deal with China

Monday, May 16, 2016 - 01:06

Venezuela says a better deal over oil loans was reached with China, but authorities warn the economy is likely to remain in recession until the end of 2017. Deborah Lutterbeck reports.

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A sign of relief in cash strapped Venezuela -- where even the most ordinary tasks -- like heading to the grocery store have become challenging -- if not violent. Now, good news from China. China has lent some $50 billion to Venezuela over the last decade, and markets are watching closely to see if Beijing would help President Nicolas Maduro's socialist government as it struggles with recession, shortages and reduced oil revenue. Venezuelan Economy Vice-President Miguel Perez sat down with Reuters. (SOUNDBITE) (Spanish) VENEZUELAN ECONOMY VICE-PRESIDENT, MIGUEL PEREZ, SAYING: "Today, we can say that we've agreed to new commercial conditions that are adapted to the country's reality." It is giving the OPEC member's crisis-hit economy "oxygen" ahead of heavy debt payments. But he warns that the economy is likely to remain in recession until the end of 2017.

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Venezuela buys time as it reaches new oil deal with China

Monday, May 16, 2016 - 01:06