Venezuela is on the brink of an official default potentially sparking huge financial chaos across the world. The crisis came to light after it was revealed state-owned firm PDVSA has not made a single debt payment to India’s top oil producer ONGC for six months. It was previously using a Russian state-owned bank and another Indian energy company as intermediaries to make payments. Since April PDVSA have

not made a payment to ONGC which is also owed $540million in a backlog of dividends due to an investment the Indian firm made on an energy project in Venezuela. Venezuela’s President Nicolas Maduro said last week the country is planning to restructure some $60billion of bonds, a large amount which is held by PDVSA. ONGC Videsh, the overseas investment arm of ONGC, revealed PDVSA had fallen behind on its payments. READ MORE