The finance commission of the Venezuelan government has authorized the sale of new bonds worth $7 billion, The Wall Street Journal reports. The bond sale is a part of the government’s 2011 debt plan. $2.5 billion of the total proceeds will be used for redeeming existing debt, while $4.6 billion will be used for the government's fiscal management plans. The commission has also sanctioned an additional $3 billion for the refinancing of outstanding debt. Details of the bond sale have not yet been disclosed.

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