Venezuela debt restructuring could unleash crisis

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Source: https://www.ft.com/content/56de9ebe-c05f-11e7-b8a3-38a6e068f464

President Nicolás Maduro’s decision to restructure Venezuela’s $89bn of debt is likely to unleash a debt crisis of a size not suffered in Latin America since Argentina’s massive 2001 default, and a bond restructuring that lawyers say would be the world’s most complex yet.

In a televised address on Thursday, Mr Maduro said state oil company PDVSA would make one more $1.1bn debt payment on a bond due in 2017 and then*restructure its remaining obligations with banks and investors.

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Government insiders stole $300bn of the $1tn windfall that Venezuela received during the oil price boom of the 2000s, according to disaffected former ministers. Meanwhile, a socialist government that claims to help the poor presides over a country where 82 per cent of households live in poverty — twice as high as when it came to power in 1999.

 

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That last bit sounds eerily familiar ...

 

[konfab]

https://www.sanders.senate.gov/newsroom/must-read/close-the-gaps-disparities-that-threaten-america

 

[Alan]

/snip

Comrade Sanders gets it. The rest of you reactionaries need to educate yourselves.....

A fancypants private college in Southern California is funding and hosting a three-day lecture series this week that promotes Venezuela’s totalitarian socialist regime in glowing terms.

The lecture series at Scripps College features a Venezuelan government official, consul general Antonio Cordero, and seeks to raise awareness about the “truth in today’s Venezuela,” according to the Claremont Independent, a student newspaper.

http://dailycaller.com/2017/10/25/a...ries-touting-totalitarian-socialist-hellhole/