CARACAS/LONDON/BOSTON (Reuters) -
Venezuela has settled debts with at least three global drug companies by giving them bonds that trade at a heavy discount, a further sign of the OPEC nation's worsening financial crisis.
For a graphic showing how the bond deals can be a bitter pill for drugs companies, see
The payment method provided a shortcut around the country's troubled 13-year-old currency control mechanism. The system is widely regarded as a primary cause of runaway inflation, a deep recession and chronic product shortages that have afflicted Venezuela's economy under socialist President Nicolas Maduro.
Companies are required to sell products in bolivars but then struggle to convert them into hard currency through the government's currency board. (Más)