Citigroup to sell more than $1B of Venezuelan gold after the embattled country failed to repay their loan, marking a major financial blow to Maduro's regime | WHAT REALLY HAPPENED


Citigroup to sell more than $1B of Venezuelan gold after the embattled country failed to repay their loan, marking a major financial blow to Maduro's regime

Venezuela's Central Bank missed a deadline on March 11 to repay Citigroup $1.1billion of their $1.6billion loan signed back in 2015, four sources familiar with the matter said.

Now that the deadline has passed, Citigroup will sell off the collateral gold Venezuela gave them, valued at roughly $1.358billion, to recover the loan amount.

The excess $258million made in the sale will then be deposited into a U.S. bank account in New York, as per two sources.

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