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A default is becoming hard for Venezuela to avoid

Thursday, February 18, 2016 15:48

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WHENEVER someone questions Venezuela’s creditworthiness, the country’s president, Nicolás Maduro, retorts that his government has never missed a debt payment and never will. His predecessor and mentor, the late Hugo Chávez, said the same thing. Creditors are demanding a handsome reward for their trust in that promise. The yield on Venezeula’s dollar bond that matures in 2020 is 37%.

Bondholders’ faith will soon be tested. On February 26th Venezuela is due to pay $2.3 billion, mainly to hedge funds and investors that specialise in emerging-market debt. There is little doubt that it will make the payment. After that, the risk of a default on Venezuela’s remaining $64 billion of foreign-currency denominated bonds will rise sharply. In the second half of 2016 the government of Venezuela and PDVSA, the state-owned oil company, are due to pay $6 billion to creditors …. http://www.economist.com

Source: http://luismmx.blogspot.com/2016/02/a-default-is-becoming-hard-for.html

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