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Maduro Unveils “The Petro”: Venezuela’s Official Cryptocurrency To “Overcome Financial Blockade”

Three months ago, in a not entirely surprising move meant to circumvent US economic sanctions on Venezuela, president Nicolas Maduro announced that his nation would stop accepting dollars as payment for oil imports, followed just days later by the announcement that in a dramatic shift away from the Petrodollar and toward Beijing, Venezuela would begin […]


Venezuela’s Default Disaster

Authored by Daniel Lacalle via The Mises Institute, Socialism always promises heaven and gives hell… In the early hours of Thursday, November 2, the Maduro regime certified its latest failure with what they promised would never happen: technical default. With his usual arrogance, Maduro issued a “decree” demanding “the refinancing and restructuring of the debt as […]


PDVSA Bonds Crash, Bitcoin Spikes As Venezuela Default Looms

Following President Maduro's statement overnight on restructuring Venezuelan debt, bonds of the nation's state-owned energy company, Petroleos de Venezuela SA (PDVSA), have collapsed, with CDS pricing in a 99% probability of default… As we detailed last night, during a nationwide TV address, Venezuela's socialist president Nicolas Maduro said the country will seek to restructure its […]


“Tomorrow Will Be Ugly”: Venezuela To Restructure All Debt As Creditors Panic Over Imminent Default

One week ago, we and many others wondered, if the time has finally come for Venezuela, which was facing a “no grace period” $842 million principal payment for bonds issued by state-run energy company PDVSA, to default on its billions of unrepayable obligations. As we reported then, the liquidity crisis for Venezuela was especially acute […]


Default Time: Venezuela Announces It Will Restructure All Debt After Tomorrow’s Final Payment

One week ago, we and many others wondered, if the time has finally come for Venezuela, which was facing a “no grace period” $842 million principal payment for bonds issued by state-run energy company PDVSA, to default on its billions of unrepayable obligations. As we reported then, the liquidity crisis for Venezuela was especially acute […]


Venezuela’s Grim Reaper: A Current Inflation Measurement, Including a Note on the IMF’s Musings on Inflation

Authored by Steve H. Hanke of the Johns Hopkins University. Follow him on Twitter @Steve_Hanke. The Grim Reaper has taken his scythe to the Venezuelan bolivar. The death of the bolivar is depicted in the following chart. A bolivar is worthless, and with its collapse, Venezuela is witnessing the world’s worst inflation.  As the bolivar […]


Maduro Visits Putin, Proposes Global Oil Trade In Rubles, Yuan

Three weeks after the US imposed financial sanctions on Venezuela in an effort to cripple its economy and choke the Maduro regime, which in turn prompted Caracas to announce it would no longer receive or send payments in dollars, and that those who wished to trade Venezuelan crude would have to do so in Chinese […]


Maduro To Generals: Prepare For War With “Criminal Empire” US

After barely managing to scrape together the nearly $200 million needed to make a bond payment earlier this month (the country made the payment a week late), Embattled Venezeulan President Nicolas Maduro is refocusing his attention on the US, warning military leaders Tuesday to begin preparing for war with the US. Maduro's call to arms […]


Dark Humor From Socialist Hellhole Venezuela

Authored by Daniel Mitchell via The Foundation for Economic Education, Back in 2015, I mocked Venezuelan socialism because it led to shortages of just about every product. Including toilet paper. But maybe that doesn’t matter. After all, if people don’t have anything to eat, they probably don’t have much need to visit the bathroom. The Washington Post reports that farmers […]


Venezuelan Women Forced To Turn To Prostitution To Afford Food

Authored by Mac Slavo via SHTFplan.com, All twelve women who work at the “Show Malilo Night Club” brothel in Arauca, Colombia are from Venezuela. As Venezuela’s socialist economic crisis continues, many Venezuelan women have turned to the sex trade in neighboring Colombia to eat and provide for their families. “We’ve got lots of teachers, some […]


Venezuela Bankrupt? Caracas Fails To Make Sept 15 Interest Payment

Exactly one week ago, we wrote that a “Venezuelan default is only a matter of time”.  We said that “while debt servicing has been a government priority, declining external liquidity and a deteriorating domestic situation (three-digit hyperinflation, shortages, and a political crisis between the government and the National Assembly) make it a daunting task. By […]


Venezuela Headed For “Messiest Debt-Restructuring In History” Thanks To US Sanctions

After being effectively shut out from global financial markets – a situation that was made more precarious by US sanctions prohibiting purchases of Venezuelan debt (unless you’re buying them off Goldman Sachs, should the bank’s asset-management arm desire to liquidate its $3 billion “hunger bond” position) – Venezuela is drawing ever-nearer to what the Financial […]


US Bans Dealing In Venezuelan Government Debt And New State-Owned Oil Company Debt & Equity

President Trump just signed an executive order deepening the sanctions on Venezuela, confirming the rumors of a ban on trading in Venezuelan debt that sent VENZ/PDVSA bonds tumbling. As we noted previously, on Tuesday evening, the WSJ reported that the U.S. government is considering "restricting trades in Venezuelan debt as it seeks to punish President […]


Venezuela Bonds Tumble On Report U.S. To Ban Trading

Venezuela bonds are tumbling after the WSJ reported that the US government was considering a ban on trading in the country’s debt. PDVSA’s 12.75% 2022s were trading at 44.75 this morning,down from around 45.65 at Tuesday’s close and two points weaker than levels seen earlier in the week, according to MarketAxess. Bond traders also sold […]


Could Bitcoin Help Venezuelans As Crisis Deepens?

Authored by Michael Kern via Crypto Insider, Protests continue to rage in Venezuela as inflation soars to unprecedented levels and the price of oil remains low. The country’s national currency is now worth less than fictional gold in Azeroth, the setting of the popular massively multiplayer online role-playing game World of Warcraft, pushing Venezuelans to bitcoin […]