The Bolivarian Republic of Venezuela has advised that, though it paid its most recent billion dollar debt shortly after it was due, it will not be able to honor future indebtedness, and will seek restructuring of its massive debt. When taken with the fact that one Bolivar* has now sunk to 1/10 of one US Cent in value, and is essentially worthless as an international currency, compliance officers that have not yet red-lined the nation for Country Risk purposes, are well advised to do so, for prudent risk management reasons.
* 44,347 Bolivars to $1USD.
Chronicles of Monte Friesner - Senior Financial Crime Analyst
Contributed by Kenneth Rijock - Financial Crime Consultant