Venezuela is 'kicking the can further down the road'

After months of rumors, Venezuela's state oil company PDVSA announced on Tuesday a bond swap for $7 billion in outstanding debt to help alleviate some of the company's financial stresses.
Eulogio del Pino, the company's president and Venezuela's oil minister, said the swap would allow investors to trade PDVSA notes due in October 2016, April 2017, and November 2017 in for new bonds that will mature in 2020, according to the Financial Times' Andres Schipani and Eric Platt.
And, notably, the