With OPEC slashing demand expectations to 12 year lows, oil prices have re-cratered today putting further pressure on socialist-utopia Venezuala which needs $121/bbl to break-even. Credit risk for the South American nation has exploded today to record highs – implying a 93% probability of default and President Maduro has taken to the airwaves to calm a benefit-needy nation… tensions are mounting…
Default risk has gone vertical…
As bond prices and black market FX crash further.
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