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Venezuela’s Grim Reaper: A Current Inflation Measurement – Current Annual Rate 4651%

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 worth less, and with its collapse, Venezuela is witnessing today the world’s worst inflation.  As […]


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 […]


S&P Downgrades Venezuela To “Selective Default” After Bondholder Meeting Devolves Into Total Chaos

Creditors had little expectations from today’s ad hoc meeting with “soon-to-default” Venezuela, and with good reason: not only was the meeting attended by several sanctioned Venezuelan officials, potentially jeopardizing the legal status of any bondholders who voluntarily appeared at the Caracas meeting meant to “restructure and refinance” Venezuela’s massive debt load, but it was nothing […]


Venezuela Just 24 Hours Away From Formal Declaration Of Default

Less than a week after Venezuela shocked the world by announcing it would proceed to restructure its massive external debt, even as it was within the grace period on hundreds of millions in unpaid interest expense, on Thursday the socialist nation confirmed it has never been closer to an official default after Reuters reported that […]


Goldman’s Asset Arm Takes Big Hit On Venezuelan Bond Bloodbath

The fallout from the Venezuelan bond restructuring has claimed a major victim in Goldman Sachs Asset Management, or rather some of the “muppets” who trusted Goldman to invest their money. However, the route which led Goldman to losing a chunk of client money wasn’t just a case of bad judgement, being riddled with the usual […]


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 […]


This Is What The Death Of A Nation Looks Like: Venezuela Prepares For 2,300% Hyperinflation

Back in January 2016, we showed what the collapse of Venezuela looks like, when in addition to charting Venezuela’s imploding currency (which back then was trading at a positive expensive 941 bolivars to the dollar), we presented what at the time was the IMF’s latest Venezuela inflation forecast, which stunned us as it surged from […]


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 […]


Next Up For Venezuela: PDVSA’s Inevitable Default

Authored by Saxo Bank's head of macro analysis Christopher Dembik via TradingFloor.com, A Venezuelan default is only a matter of time. 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 […]


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 […]