text: Venezuela in 'selective default': S&P - VnExpress International
  By AFP/Maria Isabel Sanchez &nbspNovember 14, 2017 | 09:57 pm GMT+7
  Luber Faneitte, a 56-year-old diagnosed with lung cancer, shows the inside of her fridge in her house in the San Agustin shantytown in Caracas on November 10, 2017. In crisis-stricken Venezuela, the cost of the basic basket of goods soared to nearly 2.7 million bolivars in September, the equivalent of six minimum monthly wages. Photo by AFP/Federico Parra
  In the meantime, China said its massive financing of Venezuela was "proceeding normally", and Russia was expected to sign an agreement as early as Wednesday to restructure $3 billion of Caracas's debt, according to sources in Moscow familiar with the matter.
  S&P declared Venezuela in "selective default" after it failed to make $200 million in payments on two global bond issues by the end of a 30-day grace period on November 12.
  "We have lowered two issue ratings to 'D' (default), and we lowered the long-term foreign currency sovereign credit rating to 'SD' (selective default)," the agency said, adding that $420 million in payments on four other bonds were also overdue, but still within the grace period.
  "They didn't give any concrete details on their plans, on what they hope to get," Geronimo Mansutti, from the Rendivalores brokerage, told AFP.
  Vice-president El Aissami blamed US sanctions for delays to Venezuela's debt repayments.
  Restrictions include a ban on US entities buying any new Venezuela debt issues -- usually a required step in any restructuring.
  Decision postponed in New York
  A committee of the International Swaps and Derivatives Association (ISDA) is weighing whether holders of PDVSA debt with default insurance -- credit default swaps -- can collect payment.
  A committee of 15 financial firms met in New York "to discuss whether a Failure to Pay Credit Event had occurred" with respect to PDVSA, but ended up postponing a decision until Tuesday.
  But Maduro remains defiant, insisting on Sunday that his country would "never" default and pointing to ongoing negotiations with China and Russia. Nevertheless, his options are very limited.