Reuters: Venezuela offers chocolates but little else to creditors
CARACAS (Reuters) - Venezuela’s socialist government gifted chocolates to creditors on Monday, but offered no firm proposals at a brief meeting in Caracas that left investors without a clear understanding of the government’s strategy to renegotiate $60 billion in debt.
President Nicolas Maduro confused investors this month with a vow to continue paying Venezuela’s crippling debt, while also seeking to restructure and refinance it.
Both restructuring and refinancing appear out of the question, however, due to U.S. sanctions against the crisis-stricken nation. A default would compound Venezuela’s dire economic crisis.
Monday’s short and confused meeting, attended by senior Venezuelan officials blacklisted by the United States, gave no clarity on how Maduro would carry out his plan, bondholders and their representatives who participated said afterwards.
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WNU Editor: The institutions that are owed money are not happy .... Investors leave Venezuela meeting with no clear insight (Washington Post). Memo to these institutions .... you are not going to get your money back for a very long time. Here is my prediction .... the Chinese and Russians may give some help in 2018 (their help this year is what probably saved Venezuela from defaulting), but after that .... Venezuela is on its own.
Update: Spoke too soon .... this just came in .... Venezuela Declared in Default by S&P After Missing Bond Payments (Bloomberg)
More News On Venezuelan Trying To Reschedule Its Debts
Venezuela Meets with Bondholders as Ratings Agencies Declare Default -- Latin American Herald Tribune
S&P Rules Venezuela in Default on Interest Payment -- Wall Street Journal
Venezuela's 30 Minutes of Debt Talks Leave Bondholders Guessing -- Bloomberg
S&P Downgrades Venezuela To "Selective Default" After Bondholder Meeting Devolves Into Total Chaos -- Zero Hedge
Venezuela's debt problem: To default or to pay -- BBC News
1 comment:
Fusion,
I love sarcasm.
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