Zero Hedge: Venezuela Defaults On $750 Million Gold-Backed Swap With Deutsche Bank
Somewhere Hugo Chavez, who several years ago successfully repatriated much of Venezuela's gold, is spinning in his grave.
It started in March, when Venezuela's embattled leader Nicolas Maduro defaulted on a $1.1 billion gold-backed loan with Citi, in the process losing several tons of gold placed as collateral by Venezuela’s central bank after the deadline for repurchasing them expired. Now, Bloomberg reports that Venezuela has also defaulted on a gold swap agreement valued at $750 million with Deutsche Bank, prompting the German bank to seize the precious metal which was used as collateral, and close out the contract.
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Update: Venezuela Defaults on Gold Swap With Deutsche Bank (Bloomberg)
WNU Editor: This is the second time in two months that Venezuela has defaulted on a gold-backed swap. They are out of money.
2 comments:
The real story here is the international body stood idle as this was happening and now these large banks have money belonging to the people of Venezuela. This should have been dealt with earlier but we will continue to watch this country implode. We should all watch closely! Sad
Agreed Mike.
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