Venezuela secures $5bn China loan

[Marksman_91]

http://www.ft.com/cms/s/0/2aa9e8ce-5128-11e5-8642-453585f2cfcd.html#axzz3kadfxZnR

China will loan Venezuela $5bn to boost oil output, the Venezuelan president said in a televised broadcast from Beijing, in a show of continued support for the troubled Latin American economy from one of its main creditors.

China has lent $50bn to Venezuela in oil-backed loans secured under former president Hugo Chávez but has become much less enthusiastic about adding to its exposure as the Venezuelan economy has worsened. Venezuela is the eighth-largest oil supplier to China, primarily of heavy crude that trades at lower than benchmark prices.

They obviously need some $$$ to finance the upcoming campaigns for the candidates running for parliament. Not surprised. They're really scraping the barrel now after oil prices dipped yet again. And at the expense of becoming more and more indebted to the Chinese.