“The agreement will raise Caracas’s existing debts to Beijing by almost 25%, to over $20 billion—money that the country may find it increasingly difficult to repay.  China has lent its South American partner more than $40 billion since 2008 to help Caracas shore up its ailing economy, which is expected to slip into a recession this year and has suffered from shortages ranging from medicine to toilet paper. Venezuela has been paying that money back mostly with oil, but that is getting harder to do.  Every day, about 500,000 barrels of Venezuelan oil are exported to China, half of which go to pay off the country’s loans from Beijing.”

http://qz.com/239106/venezuela-just-mortgaged-another-4-billion-of-its-oil-exports-to-china/

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