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‘The Curious Case Of The Missing Defaults’ – Carmen Reinhart Fears What Happens Next

Authored by Carmen Reinhart via Project Syndicate, Usually, a sudden stop in capital inflows sparks a currency crash, sometimes a banking crisis, and quite often a sovereign default. Why, then, has the worldwide incidence of sovereign defaults in emerging markets risen only modestly? Booms and busts in international capital flows and commodity prices, as well […]

The Other Alternative Currency

Authored by Simon Black via SovereignMan.com, With the nearly daily moves to record highs among the hundreds of cryptocurrencies that currently exist, talking about ‘regular’ currencies seems about as out-of-fashion as that hideous shoulder pad trend from the 1980s. [Millennial readers: see here if you’re confused.] But there are actually a few currencies out there […]

On The Ground In Venezuela: “This Country Is Being Cut Off From The Rest Of The World”

Authored by Simon Black via SovereignMan.com, The first thing to understand about Venezuela today is that it’s becoming exceedingly difficult to even get here. Or get out. Nearly every major regional and international carrier has discontinued service to/from Caracas. Due to safety concerns amid all the chaos and violence here, Lan Airlines in Chile (now […]

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 […]