The rating agency Standar & Poor's announced the "partial default" on Venezuela's debt following the country's inability to repay 200 million dollars.
S&P may not be the only agency to revise its estimates for the country. The state oil giant, Petroleos de Venezuela Sa (which alone is worth a good chunk of the public budget), has already been declared in default by Fitch and Moody's.
The tough decision was taken on Monday night, after a 30-day wait on the payment of two bonds.
International creditors meeting in Caracas on Monday attempted to renegotiate the country's debt to avoid default. The barely 25-minute meeting ended with no agreement, though another meeting is planned.
The situation seems to be on the verge of precipitating, with the international financial markets betting on the default of the South American country led by President Maduro, who in recent weeks he has attempted to restructure the internal debt.
The seriousness of the moment is confirmed by the numbers of the main macroeconomic variables: inflation, for example, fluctuates between 700% and 1100% per year. The GDP is in free fall, and a real food crisis is underway. Foreign reserves are at a 15-year low.
