Venezuela Stops Accepting Dollars for Oil Payments Following U.S. Sanctions – Fox Business – 13/09/2017

The government of this oil-rich but struggling country, looking for ways to circumvent U.S. sanctions, is telling oil traders that it will no longer receive or send payments in dollars, people familiar with the new policy have told The Wall Street Journal.

Source:  Fox Business, 13/09/2017

By |September 14th, 2017|Categories: News|Tags: , , |

IMF should expel Venezuela – FT – 30/08/2017

The free world should make a concerted effort to bring down the oil-based autocratic regime of President Nicolas Maduro in Venezuela. The way to make international pressure effective is to expel the country from the International Monetary Fund, which would spark a sovereign and quasi-sovereign debt default, making the regime ultimately unsustainable.

Source:  FT, 2017/08/30

By |August 31st, 2017|Categories: News|Tags: , , |

Lucky Investors and Venezuelan Bonds – Bloomberg – 24/07/2017

Also the London Whale, a Wells Fargo leak, unicorns, stock buybacks and white rhinos.

Source:  Bloomberg, 2017/07/24

By |July 27th, 2017|Categories: News|Tags: , , |

S&P cuts Venezuela’s debt ratings, sees risk of default – Daily Sabah – 13/07/2017

S&P Global Ratings said yesterday it has lowered Venezuela's sovereign debt ratings, warning of the risk of default as economic conditions in the oil-rich country worsen and political tensions rise.

Source:  Daily Sabah, 2017/07/13

By |July 13th, 2017|Categories: News|Tags: , , |

Cuba Scrambles As Venezuela’s Oil Industry Collapses – – 14/06/2017

As Venezuela’s oil industry goes down it flames, it’s looking like it may just take Cuba down with it. Venezuela, once the crude powerhouse of South and Central America, is no longer able to produce enough oil to sustain its own economy, much less those of other countries. Cuba is frantically drilling in search for [...]

By |June 15th, 2017|Categories: News|Tags: , , , |

Goldman Sachs condemned for buoying Venezuela with $2.8bn bond purchase – Guardian – 30/05/2017

Opposition attacks bank for backing Nicolás Maduro’s ‘dictatorial regime’ as it makes ‘a quick buck off the suffering of the Venezuelan people’

Source:  Guardian, 2017/05/30

By |June 1st, 2017|Categories: News|Tags: , , |

A Crucial Deadline Looms for Venezuela – Statfor – 05/04/2017

Venezuela has reached a critical point. To avoid default, state oil and gas company Petroleos de Venezuela (PDVSA) must make $3 billion in foreign debt payments over the next two months, and the government is scrambling to find the cash to do so.

Source:  Statfor, 2017/04/05

By |April 6th, 2017|Categories: News|Tags: , , |

The 5 Countries That Illustrate the Decline of the Latin American Left – Time – 03/04/2017

Not so long ago, there were five stars of the 21st century Latin American left: Brazil, Argentina, Venezuela, Bolivia, and Ecuador. But with Venezuela imploding and the narrowest of victories for a leftwing candidate in Ecuador's election this weekend, it looks like this particular chapter of Latin American history is drawing to a close.

Source:  Time, [...]

By |April 6th, 2017|Categories: News|Tags: , , , , , , |

Venezuela’s foreign currency reserves down to just $10bn, leaving country open to defaulting on debt – Independent – 02/03/2017

If oil prices stagnate and foreign reserves reach zero, then the clock is going to start on a default

Source:  Independent, 2017/03/02

By |March 9th, 2017|Categories: News|Tags: , , |

Did you say crisis was looming in oil producing countries?

The oil shock is not only an energy issue… We already discussed in these columns the impact the collapse of energy prices could have on the banking system in the United States (See here for And what about banks?). We were precisely pointing out that the direct exposure of banks in America was rather limited [...]

By |April 7th, 2016|Categories: Analyst's Insight|Tags: , , , |