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Venezuela Will Restructure All Debt After Tomorrow

Via:
venezuela

Oh my, it looks like Venezuela is heading into an even rougher patch than it’s already in:

One week ago, we and many others wondered, if the time has finally come for Venezuela, which was facing a “no grace period” $842 million principal payment for bonds issued by state-run energy company PDVSA, to default on its billions of unrepayable obligations. As we reported then, the liquidity crisis for Venezuela was especially acute because even if it did make the first PDVSA payment, it was facing a second, even larger one today, when PDVSA had to make another $1.121BN payment.

Well, despite a several day transfer delay, Venezuela did make the first payment, however it was not clear if Caracas would also make today’s payment, although as Reuters reported earlier, “markets remained optimistic that President Nicolas Maduro’s government will make the payment, though investors expect delays. PDVSA last week struggled for days to deliver funds for a separate bond payment amid confusion over which banks were charged with transferring the money.”

PDVSA bonds were down slightly in early trading on Thursday, while Venezuelan bonds were mixed, according to Thomson Reuters data.

However, as we previewed again last week, and as Reuters confirmed today, “most economists say a default is increasingly likely in the medium term as Venezuela’s collapsing socialist economic model has left the once-prosperous population destitute and led to deterioration of the OPEC nation’s vital oil industry.”

How’s that Socialism working out so far?  Maybe Sean Penn wants to go down to Venezuela and try it out for a bit?

No?

I thought not.

Radius

Written by Radius

Radius refuses to post a bio. Website bios simply serve to prop up the cis-gendered patriarchy of the manocentric maleocracy. Also we must #Resist Trump because racism I guess.

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