Venezuela Gold Swapping With Deutsche Bank

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Venezuela Gold Swapping With Deutsche Bank

In: Economics

The Venezuela government is running out of money that was propping up the populist rule of their current dictator. Their efforts to keep critical payments coming for things like the military they are trying to borrow money from other countries, and Deutsche Bank agreed to a cash loan of about $750 million dollars with 20 tons of gold being given as collateral for the agreement. Venezuela failed to make their interest payments on the loan and Deutsche Bank has seized the 20 tons of gold along with dissolving the agreement.