Venezuela Calls in Oil Debt It Once Traded Away for Literal Beans.

Venezuela is attempting to collect old debts from the Petrocaribe program, which allowed countries to finance their oil bills with Venezuela at low interest rates. Last month, Haiti made a $500 million payment to cancel part of its $2.3 billion debt, with the help of a license from the US Treasury. Venezuela, under current leader Nicolas Maduro, is seeking to regain international recognition and address its economic collapse and isolation. The country is also working on debt repayment deals with other nations, such as Belize and Grenada. However, Venezuela's oil production has significantly decreased, and a portion of its current production is allocated to paying off its own debts. [Extracted from the article]