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Peru Says It Lacks Funds to Bail Out Struggling State Oil Firm
Dollar bonds from Petroleos del Peru SA slumped Monday in low trading volume after Peru said it won’t bail out the struggling state-owned oil company. Notes due in 2032 fell over 2.5 cents on the dollar to 71 cents, the biggest intraday decline since August 2022, according to indicative pricing data compiled by Bloomberg. “We will not inject the requested cash for a simple reason, because we don’t have the funds to do so,” Prime Minister Alberto Otarola said in an interview on news channel Latina Sunday following Petroperu’s request for a $2 billion rescue package. “We think there are other priorities.” ... (full story)