It was a gloomy, rainy night in Boston last week where emerging market analysts and portfolio managers huddled together before an audience of 75+ people to discuss an equally gloomy situation in Venezuela, specifically whether or not the nation, with the biggest proven oil reserves in the world, is on the precipice of defaulting on its debt.
Trying to figure out what economic and fiscal policies the administration of President Nicolas Maduro will follow to alleviate rampant inflation and shortages is akin to trying to read tea leaves. But a panel put together by EMTA laid out the scenarios and discussed the implications of any potential default. The talk of default really kicked off Sept. 5, 2014 after an article published by former Venezuelan planning minister Ricardo Hausmann and Harvard research fellow Miguel Angel Santos asked whether or not Venezuela should default.
NEW YORK (Reuters) – A U.S. judge ruled on Monday that Citigroup Inc could process an $85 million interest payment by Argentina on bonds issued under its local laws following its 2002 default.
U.S. District Judge Thomas Griesa in New York said Citigroup could process the Dec. 31 payment it receives on U.S. dollar-denominated Argentine law bonds.