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Venezuela, PDVSA CDS Triggered: ISDA Says Credit Event Has Occured
Venezuela, PDVSA CDS Triggered: ISDA Says Credit Event Has Occured In a long overdue, and not exactly surprising decision, moments ago the ISDA Determination Committee decided, after punting for three days in a row, that a Failure to Pay Credit Event has occured with respect to both the Bolivarian Republic of Venezuela as well as […]
Venezuela Signs $3.2 Billion Debt Restructuring Deal With Russia
Venezuela Signs $3.2 Billion Debt Restructuring Deal With Russia As Venezuela teeters right on the brink of complete financial collapse, Bloomberg reports that Russia has agreed to restructure roughly $3.2 billion in outstanding obligations. While details of the restructuring agreement are scarce, both sides reported that the deal spreads payments out over 10 years with […]
Venezuela Defaults On A Debt Payment – Is This The First Domino To Fall?
Venezuela Defaults On A Debt Payment – Is This The First Domino To Fall? Did you know that Venezuela just went into default? This should be an absolutely enormous story, but the mainstream media is being very quiet about it. Wall Street and other major financial centers around the globe could potentially be facing hundreds […]
S&P Downgrades Venezuela To “Selective Default” After Bondholder Meeting Devolves Into Total Chaos
S&P Downgrades Venezuela To “Selective Default” After Bondholder Meeting Devolves Into Total Chaos Creditors had little expectations from today’s ad hoc meeting with “soon-to-default” Venezuela, and with good reason: not only was the meeting attended by several sanctioned Venezuelan officials, potentially jeopardizing the legal status of any bondholders who voluntarily appeared at the Caracas meeting […]
Venezuela Officially Defaults; Annual Inflation 2689 Percent: When Does the Military Take Over?
Venezuela Officially Defaults; Annual Inflation 2689 Percent: When Does the Military Take Over? Electricidad de Caracas, a Venezuelan state-owned electric company, officially defaulted on a $650 million bond payment. The company was already a month late on its payment before the trustee, Wilmington Trust, issued a statement. Meaanwhile, Professor Steve Hanke notes annual inflation is […]
Venezuela Just 24 Hours Away From Formal Declaration Of Default
Venezuela Just 24 Hours Away From Formal Declaration Of Default Less than a week after Venezuela shocked the world by announcing it would proceed to restructure its massive external debt, even as it was within the grace period on hundreds of millions in unpaid interest expense, on Thursday the socialist nation confirmed it has never […]
Is A Venezuelan Default Inevitable?
Is A Venezuelan Default Inevitable? Bondholders, creditors, and any company with operations in Venezuela are all agog for news from Caracas after President Nicolas Maduro announced Venezuela will look to restructure its US$89 billion worth of debt to be able to continue servicing it. Forecasts about what will happen next are all pessimistic, and that’s […]
Oil Jumps To $56, Highest Since July 2015 On Saudi Turmoil, Venezuela Default
Oil Jumps To $56, Highest Since July 2015 On Saudi Turmoil, Venezuela Default With the launch of electronic trading, WTI crude has jumped from the highest close since July 2015 amid Saudi turmoil which over the weekend included a crackdown on 11 Saudi princes – including billionaire Alwaleed – and dozens of current and former […]
You Against the Government’s Tools
You Against the Government’s Tools Our father’s generation fought the Cold War with spies, our grandfather’s generation fought the Vietnam War with soldiers, but the internet war must be won by well-trained hackers. Julian Assange calls the events in Catalonia an “internet war.” The Spanish government has raided Catalonian government offices, arrested government officials, frozen […]
Venezuela’s Grim Reaper: A Current Inflation Measurement – Current Annual Rate 2875%
Venezuela’s Grim Reaper: A Current Inflation Measurement – Current Annual Rate 2875% The Grim Reaper has taken his scythe to the Venezuelan bolivar. The death of the bolivar is depicted in the following chart. A bolivar is worthless, and with its collapse, Venezuela is witnessing the world’s worst inflation. As the bolivar collapsed and inflation […]
The Time Has Come: Venezuela May Be In Default In Under 48 Hours
The Time Has Come: Venezuela May Be In Default In Under 48 Hours This past weekend, Venezuela failed to make $237 million in bond coupon payment, blaming “technical glitches” when in reality it simply did not have the money (or wish to part with it). Adding the $349 million in unpaid bond interest accumulated over […]
This Is What The Death Of A Nation Looks Like: Venezuela Prepares For 2,300% Hyperinflation
This Is What The Death Of A Nation Looks Like: Venezuela Prepares For 2,300% Hyperinflation Back in January 2016, we showed what the collapse of Venezuela looks like, when in addition to charting Venezuela’s imploding currency (which back then was trading at a positive expensive 941 bolivars to the dollar), we presented what at the […]
Maduro Visits Putin, Proposes Global Oil Trade In Rubles, Yuan
Maduro Visits Putin, Proposes Global Oil Trade In Rubles, Yuan Three weeks after the US imposed financial sanctions on Venezuela in an effort to cripple its economy and choke the Maduro regime, which in turn prompted Caracas to announce it would no longer receive or send payments in dollars, and that those who wished to […]
Oil Analysts Baffled As Venezuela Ditches Petrodollar
Oil Analysts Baffled As Venezuela Ditches Petrodollar At the end of August, the U.S. stepped up sanctions on Venezuela, prohibiting dealings in new debt or equity issued by state oil firm Petroleos de Venezuela SA (PDVSA) or the government. A couple of weeks later Venezuela responded to what it called an “economic blockade” by suspending […]
Petrodollar Under Attack
Petrodollar Under Attack (ANTIMEDIA Op-ed) — Once upon a time, the U.S. dollar was backed by the gold standard in a framework that established what was known as the Bretton-Woods agreement, made in 1944. The dollar was fixed to gold at a price of $35 an ounce, though the dollar could earn interest, marking one notable difference from gold. We’re […]
