Venezuela's President Nicolas Maduro waves as he arrives for a rally with supporters in Caracas, Venezuela November 7, 2017. Miraflores Palace/Handout via REUTERS
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Long-standing fears of a Venezuela debt default crystallized Wednesday, as the political crisis engulfing the sinking OPEC state deepened with a meeting set at the U.N. Security Council and the European Union eyeing an arms embargo.The United States, which has slapped successive sanctions on Venezuela and its ability to issue new debt on U.S. markets, called for a U.N. Security Council meeting next Monday to discuss the crisis, particularly its political aspect.European Union countries backed an arms embargo on Venezuela as part of a sanctions package also set to include a blacklist of Venezuelan individuals, diplomatic sources said.
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