ECONOMY: Not broke, just very cash short

The ratings agency Standard & Poor’s (S&P) on 16 September cut Venezuela’s long-term rating by one level from B- to CCC+, seven levels below investment grade, and placed it on negative watch. S&P, which forecasts a 3.5% contraction in real GDP this year, said its revised rating indicated “a one-in-two likelihood of default over the next two years”.

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