Default day looms for cash-strapped Venezuela

AFP ^ | November 10, 2017 | Staff

[C19fan]

Venezuela slipped inexorably towards a formal debt default Friday, with analysts saying it was all but inevitable for the sinking OPEC state which owes about $150 billion.

"With Venezuela's state-owned oil company having reportedly failed to make a principal payment on a bond that has now matured, credit default swaps are likely to be triggered on Friday," market analysts Capital Economics said.

[C19fan]

Finally ran out of other people's money.

[OttawaFreeper]

Where are Bill Gates, Michael Moore, Tom Steyer, Barbra Streisand, Sean Penn, Tim McGraw, Whoopi Goldberg, and other wealthy American socialists to help them out?

[VTenigma]

There is no hope for Venezuela. I just watched a video about the lack of housing and the people were still talking about how it’s the government’s responsibility to provide it for them. Totally brainwashed populus, a major trend in this country too.

[brianr10]

Ah, the old “credit default swap”. Years ago The likes of Warren Buffet were worried about a Sword of Damocles of derivatives and such threatening the entire economic system. This was soon after the credit crisis. So whatever happened to those?

[rstrahan]

Re CDS. Many of the companies that insured these went under or settled claims for pennies on the dollar. Fannie and Freddie forgave many of its claims.

[ex91B10]

...Washington upped the economic pressure by sanctioning 10 officials it said engaged in state election irregularities last month.

But they can't seem to find any "irregularities" in our elections.

[Zuben Elgenubi]

I’m thinking Iran will step up and help Maduro. They’re gaining a toehold in Venezuela.

[PGalt]

Socialism Is Legal Plunder - “The Law” - Frederic Bastiat

[SunkenCiv]

Thanks C19fan.

• How an Oval Office meeting led to a Trump tweet that changed U.S. policy toward Venezuela
• Cardinal: Venezuela Stubbornly Clings to 'Marxist, Totalitarian System'
• Greedy Capitalists Didn't Rape Venezuela, Greedy Socialists Did
• Columbia Marxist club scoffs at 'scare stories' about Venezuela
• Trump Stuns U.N. Chamber: The Problem in Venezuela Is 'Socialism Has Been Faithfully Implemented'
• Default day looms for cash-strapped Venezuela
• Venezuela teeters on brink of default
• Maduro calls for restructuring Venezuela's foreign debt
• Venezuela is blowing debt payments ahead of a huge, make-or-break bill
• Venezuela's inflation rate could pass 2,300% next year: IMF

more background:

• News-For-Hire Scandal Deepens: 'Fusion GPS' Sleazy Venezuela Links Shed New Light on Trump Dossier
• Venezuela's Catholic bishops deplore pro-government bias in elections
• Venezuela's deteriorating oil quality riles major refiners
• Venezuela's Regional Elections Went About As Well As You'd Expect
• Maduro faces financial nightmare in Venezuela -- just in time for Halloween
• Venezuela, N. Korea offer asylum to oppressed NFL players

and, for the Dunce Brigade:

• Venezuela Stops Accepting Dollars; The Beginning of the Collapse of the Dollar as Reserve Currency?