and twenty percent brine quite incredible and now cash strapped venezuela is in selective default now that's according to credit rating agency standard and poor's it's a status that's given to a country when it fails to pay one or more of its financial obligations as unpaid gave venezuela a thirty day period of grace before it came knocking it said the south american nation had failed to make repayments on two hundred million dollars worth of foreign debt and a last ditch attempt the government in caracas met to try to renegotiate its debts but to no avail. is venezuela running right out of money. the much awaited answer a decisive government meeting with creditors ended abruptly after only thirty minutes afterwards participants talked of having listened to confused statements but no concrete proposals on restructuring the country's massive debt. instead they were offered a colorful packets of venezuelan chocolate and coffee. as recently as sunday