Venezuela’s PDVSA declared in default

NEW YORK: Crisis-plagued Venezuela suffered another blow Thursday as a committee of creditors ruled that state oil company PDVSA has defaulted on its debt, a decision that triggers payment of default insurance to investors.

The setback for the oil-rich but cash-poor nation came as no surprise, as the government of President Nicolas Maduro has missed payments on sovereign bonds as well as PDVSA debt, even as the population continues to suffer from acute shortages of food and medicine.