Venezuela's oil company scrambles after losing credit line

10/20/2008 | CNBC

PDVSA, the state-run oil company of Venezuela, is scrambling for financing after Royal Bank of Scotland pulled its credit line, which was in excess of $5 billion. RBS cited deteriorating market conditions when it rescinded the financing after the U.K. government intervened and rescued the bank last week. Questions surround Venezuela's position because as an oil-producing nation, it should have plenty of cash.

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