Unexpectedly!
They really just need to socialism harder. It's not *real* socialism you know.
The country has over $1 billion in overdue interest payments, which is more than 10% of the country’s central bank reserves at this point.
There has been no official communication from the government on any other coupon payments and lengthy delays are now prompting review on whether the oil firm has entered into permanent default. If so, bond holders will accelerate and request principal payment. Of course, they will not get their principal payments, at least not immediately.
“The markets will recognize declining probability of payment each day that passes without receipt of funds or notification from the intermediaries,” says Siobhan Morden, a managing director at Nomura in New York.
Defaults stress erodes the margin of flexibility for Maduro and exposes a worse phase of cashflow woes for the bills the country owes in dollars.
Venezuela's Oil Power Vanishing, Hard Default Fears Rising
They really just need to socialism harder. It's not *real* socialism you know.
The country has over $1 billion in overdue interest payments, which is more than 10% of the country’s central bank reserves at this point.
There has been no official communication from the government on any other coupon payments and lengthy delays are now prompting review on whether the oil firm has entered into permanent default. If so, bond holders will accelerate and request principal payment. Of course, they will not get their principal payments, at least not immediately.
“The markets will recognize declining probability of payment each day that passes without receipt of funds or notification from the intermediaries,” says Siobhan Morden, a managing director at Nomura in New York.
Defaults stress erodes the margin of flexibility for Maduro and exposes a worse phase of cashflow woes for the bills the country owes in dollars.
Venezuela's Oil Power Vanishing, Hard Default Fears Rising
