Venezuela Officially In Default
https://archive.is/C4LT6
>After rating agencies declared Venezuela in selective default and after a meeting with creditors on debt restructuring failed earlier this week, the International Swaps and Derivatives Association (ISDA)—a finance industry body—has voted that both Venezuela and its state oil firm PDVSA had defaulted on their debt payments.
>The vote by the New York-based industry group will trigger payouts on debt default insurance on its bonds, the so-called credit default swaps (CDS) that investors use to protect against defaults.
>The members of the committee—which includes Goldman Sachs, JPMorgan, Deutsche Bank, Barclays, and Credit Suisse, among others—decided to meet again on Monday, November 20, to continue discussions on how to proceed and discuss an auction that is expected to determine the amount that holders of CDS will be paid.
>Venezuela and PDVSA missed bond payments on October 12, and were using the 30-day grace periods on those two payments to collect cash to pay dues on October 27 and November 2, which didn’t have grace periods.
>Even after ISDA’s vote, investors are unlikely to rush to demand a default, a source at a large holder of Venezuelan bonds told Reuters.“Even after the ISDA decision, it’s not the best idea for anyone to accelerate a default if there’s a chance they are going to be able to receive an amortization or interest payment any time soon,” the source told Reuters.“As long as Venezuela and PDVSA pay, most bondholders will likely prefer to deal with the delays,” according to the source.
/mlpol/ - My Little Politics
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Well, it was obvious that they were never going to pay it back. The real question is; what's going to happen to them now?
>>89075
While it's still in process there are a number of things that will happen. Oil shipments and Venezuelan overseas assets will be seized. Almost all loans will cease. If Venezuela does not figure out a way to fund its army, a military coup or a civil war is likely.
While it's still in process there are a number of things that will happen. Oil shipments and Venezuelan overseas assets will be seized. Almost all loans will cease. If Venezuela does not figure out a way to fund its army, a military coup or a civil war is likely.
remember while neither is the mythic "real socialism," that has never and will never occur because the "proletariat" or rather the working class has no interest in socialism, Venezuela's brand of "State Socialism" is virtually the same as the "Democratic Socialism" Bernie Glassberg was pushing during the democratic primary before he bowed down to clinton. He even praised Venezuela when their government started all this nonsense and cited them as the kind of country and government we should be working towards in the US.
> These days, the American dream is more apt to be realized in South America, in places such as Ecuador, Venezuela and Argentina, where incomes are actually more equal today than they are in the land of Horatio Alger. Who's the banana republic now?
http://archive.li/gsqr7
http://archive.li/gsqr7
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>>89079
>Venezuela's falling crude oil imports are a 'huge red flag' that could shock the market
Largest proven oil reserves, and look what Hugo Chávez did to Venezuela. Socialism is a hell of a drug.
>Venezuela's falling crude oil imports are a 'huge red flag' that could shock the market
Largest proven oil reserves, and look what Hugo Chávez did to Venezuela. Socialism is a hell of a drug.
>>89084
They have a lot of oil, although it is low-quality tar-sand oil that needs to be processed quite a bit before it's useful to anyone. Under proper management, it those resources could've built a strong lasting economy, but socialist economies aren't sustainable. As soon as the price of oil started falling, so did their quality of life.
They have a lot of oil, although it is low-quality tar-sand oil that needs to be processed quite a bit before it's useful to anyone. Under proper management, it those resources could've built a strong lasting economy, but socialist economies aren't sustainable. As soon as the price of oil started falling, so did their quality of life.
>>89086
It's a lack of diverse economy. Saudi Arabia has been going through the same thing as well, now they are paying the price.
It's a lack of diverse economy. Saudi Arabia has been going through the same thing as well, now they are paying the price.
>>89074
Checking figures real quick, Venezuela "owes" somewhere around 250 times it's current total governmental assets to the kike scum. It appears that when judeo-communism spreads using the "liberations" of equality & free money lies, a country's first ten problems snowball faster than the attempts to control them. This last problem, that of country wide mono-industries, has been in place just long enough that the first necessary repairs OF said industry also bankrupted the country. Something to think about the next time someone spouts off how judeo-communism or it's descendants are better.
Checking figures real quick, Venezuela "owes" somewhere around 250 times it's current total governmental assets to the kike scum. It appears that when judeo-communism spreads using the "liberations" of equality & free money lies, a country's first ten problems snowball faster than the attempts to control them. This last problem, that of country wide mono-industries, has been in place just long enough that the first necessary repairs OF said industry also bankrupted the country. Something to think about the next time someone spouts off how judeo-communism or it's descendants are better.
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