Venezuela in 'selective default', signs debt deal with Russia Venezuela signed a debt restructuring deal with major creditor Russia on Wednesday, as ratings agencies declared Caracas in partial default. The country is seeking to restructure its foreign debts, estimated at around $150 billion. A Venezuelan delegation led by finance minister Simon Zerpa signed the deal restructuring $3.15 billion of debt taken out in 2011 to finance the purchase of Russian arms. IMAGES AND SOUNDBITES