Well, it is a bit tricky, Mish. The military are on Maduro's side. The latter was very smart, as he used the wrong-footed Trump move (to bring sanctions out against the country) to justify not paying the interest. So, now he goes to the people and tells them the gringos have forced him to default and..that he'll spend the money on them (not true)! Maduro will take the money he would need to use to pay the interest to pay the military for the latter's support. Thanks to Trump (the master of screwing U.S. taxpayers by filing chapter 11, after having milked all assets from his properties), investors world-wide are at a loss and U.S. investors cannot even take part in the negotiations...Where is Lee Harvey Oswald when we do need him...
ISDA will be determining if PDVSA will be in default as a result of its delay in the recent payment of principal due on the 2017 bond. That may trigger all types of events. As for the sovereign, they are using the 30-day grace periods and may soon be in default, for sure. But it is not over until the fat lady sings.
I am sure that you are the 'official' at home but since EDC does not have a cross default clause with the sovereign, you are technically incorrect, Tyler.
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Venezuela Officially Defaults; Annual Inflation 2689 Percent: When Does The Military Take Over?
Well, it is a bit tricky, Mish. The military are on Maduro's side. The latter was very smart, as he used the wrong-footed Trump move (to bring sanctions out against the country) to justify not paying the interest. So, now he goes to the people and tells them the gringos have forced him to default and..that he'll spend the money on them (not true)! Maduro will take the money he would need to use to pay the interest to pay the military for the latter's support. Thanks to Trump (the master of screwing U.S. taxpayers by filing chapter 11, after having milked all assets from his properties), investors world-wide are at a loss and U.S. investors cannot even take part in the negotiations...Where is Lee Harvey Oswald when we do need him...
Venezuela Officially Declared In Default
ISDA will be determining if PDVSA will be in default as a result of its delay in the recent payment of principal due on the 2017 bond. That may trigger all types of events. As for the sovereign, they are using the 30-day grace periods and may soon be in default, for sure. But it is not over until the fat lady sings.
Venezuela Officially Declared In Default
I am sure that you are the 'official' at home but since EDC does not have a cross default clause with the sovereign, you are technically incorrect, Tyler.