Thursday, 23 November, 2017

S&P declares Venezuela in selective default after missed payments

Ratings Agencies Cave: Venezuela Defaulted, Selectively Venezuela begins refinancing its foreign debt
Sammy Stanley | 14 November, 2017, 19:02

Standard & Poor's declared Venezuela in "selective default" on Monday, after it failed to make $200 million in payments on its global bonds, becoming the first credit ratings agency to do so.

While placing those latter two ratings on CreditWatch, S&P added that it saw a one-in-two chance Venezuela night default again within the coming three months.

Venezuelans wait for hours to buy food, but creditors at the restructuring meeting were given gift bags filled with state-produced chocolate and coffee, according to Bloomberg.

Venezuelan President Nicolas Maduro has indicated that his country was negotiating with its two allies.

Venezuela hosted a brief meeting with creditors in Caracas on Monday to discuss its total $150 billion foreign debt but the discussions ended without any agreement.

Suits stars Patrick J. Adams, Meghan Markle leaving after season 7
I'm pretty sure everyone was expecting Meghan Markle to be leaving after this season, but Patrick leaving is a complete surprise! The show is now on a mid-season break from its seventh season and will return for the second half of the season next year.

"We also believe the Venezuelan government and people have the ability to handle the debt issue of their country", Geng said.

The US has designated vice president El Aissami himself a drug kingpin with whom US entities are barred from dealing. Venzuela, which has the world's largest oil reserves, needs that oil money to service its debt as well as to pay for subsidies that support some of its poorest citizens.

A committee of the International Swaps and Derivatives Association (ISDA) is weighing whether holders of PDVSA debt with default insurance - credit default swaps - can collect payment. Its continued functioning is one of the few things helping the government-which has decimated its economy through mismanagement-cling to power.

Venezuela's total external debt, which also includes loans from countries like Russian Federation and China, is thought to be as much as $140bn.

Under the sanctions, no United States citizen can do business with Venezuelan individuals on the list.

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