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Title : Is Venezuela On The Brink Of Default?
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Is Venezuela On The Brink Of Default?

AFP: Venezuela teeters on brink of default

Caracas (AFP) - Longstanding fears of a Venezuela debt default crystallized Wednesday, as the political crisis engulfing the sinking OPEC state deepened with a meeting set at the UN Security Council and the EU eyeing an arms embargo.

Investors were bracing for what looked to be an inevitable "credit event" that analysts said could arrive within days -- before a "refinancing and restructuring" of the debt called for by President Nicolas Maduro.

While the country's isolation means the risk of contagion to international financial markets is limited, a default could trigger a global rush to seize assets owned by the Venezuelan government and its state oil company PDVSA, and plunge the struggling nation into a full-blown humanitarian emergency.

Already, its 32 million citizens are suffering shortages of food, medicine and other essentials as their money, the bolivar, is decimated by hyperinflation and recession reigns. Hundreds of thousands have left the country to survive, and many, many more could follow.

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WNU Editor: Russia is providing short term assistance .... Russia Says It Will Ease Debt Burden on Venezuela (New York Times). But absent any reform in Venezuela .... and there is no real reform .... this Russian assistance is just good money going down a drain.

Update: Here is a good analysis on how Venezuelan President Maduro tries to maintain support among the poor .... Maduro Picks Food Over Bondholders as Venezuela Goes Hungry (Bloomberg).

More News On Concerns That Venezuela Is On The Brink Of Default

Venezuela inches closer to a formal default -- Financial Times
People are beginning to wonder if a Venezuelan default is inevitable -- Business Insider
Exclusive: Venezuela's PDVSA misses debt payments to India's top oil producer -- Reuters
Venezuela creditors recoil at proposed Caracas bondholder meeting -- Reuters
Cost to Insure Against a Venezuela Default Hits Record -- Fox Business
Venezuela proves petro-states can go broke, too -- Washington Post
Venezuela's likely default could teach you a lesson: Don't invest in dictatorships -- Miami Herald

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