Schrödinger's Default
This morning, Electricidad de Caracas’s 2018 bond went into default...or did it?
A debt restructuring that’s really a default that’s really a giant money laundering operation
Announcing an unlikely debt restructuring, Maduro sent Venezuela hurtling down the default rabbit-hole tonight. But what if the announcement's an elaborate bluff, or an elaborate money-laundering exercise? And what if it's both?
Goldman is Bad. The Government is Much Worse
Goldman deserves the heat it's getting for financing the Venezuelan government, but the real scandal is that the Revolution sold its soul to Wall Street. MUD should repeat that to chavistas like a mantra.
How Los Altos Mirandinos Became a Failed State
In San Antonio de los Altos, my hometown, neighborhood groups of young protesters are starting to act like opposition colectivos.
Grab it by the CITGO
Instead of solving at least one of the calamities the country is facing in all spheres, the government decides to help billionaire US president Donald Trump finance his inauguration.
Central Bank of Gattopardia
The appointment of Ricardo Sanguino to head the Central Bank follows the old maxim: “for things to stay as they are, everything will have to change”.
PDVSA Swap: The Poker Game that Never Should Have Been
Eulogio del Pino tried to do a #TropicalMierda mob impression, but had to accept a swap that fell well short of his goals. In the end, it was Wall Street that made him an offer he couldn’t refuse.
The Hausmann Way
Ricardo Hausmann wants to invoke an exotic bit of bond prospectus language to restructure Venezuela’s debt without becoming Argentina. Could it work? We dive into the weeds.
Avoiding Default, Whatever the Cost
Wall St. or people's stomachs? The Venezuelan government picks Wall St. How come?
Containers of Debt
Venezuela's cash-strapped government just loooooves to service its debt. Returning empty shipping containers to avoid a $1 billion late-fee? Not so much.
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