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Venezuelan president threatens to sue JP Morgan

By on November 22, 2016

FILE - In this April 12, 2016 file photo, Venezuela's President Nicolas Maduro speaks during the installation of a truth commission, at Miraflores presidential palace in Caracas, Venezuela. Opponents of President Nicolas Maduro promise to flood the streets of Caracas on Thursday, Sept. 1, in a major test of their strength and the government’s ability to tolerate growing dissent. (Ariana Cubillos, File/AP)

Venezuela’s President Nicolás Maduro (Ariana Cubillos, File/AP)

CARACAS, Venezuela — Venezuelan President Nicolás Maduro is accusing JP Morgan of trying to sabotage Venezuela’s state oil company, and he’s threatening legal action.

JPMorgan analysts informed on Monday that state oil company PDVSA was delaying $404 million in payments on 2021, 2024 and 2035 bonds. Maduro said on his national radio show that the delay is due to Citibank, which he says allowed a backlog to interfere with payments.

The terms of the bonds permit PDVSA to put off payment for 30 days before being considered in default.

Maduro said JP Morgan committed a crime, so it should at least apologize. The company hasn’t responded to an email request for comment.

PDVSA is the lifeblood of Venezuela’s faltering economy, which is beset by high inflation and shortages.

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