Venezuela Names Finance Minister

Venezuela Names Finance Minister

People Corporate & Sovereign Strategy Venezuela

Venezuelan President Nicolas Maduro has named Nelson Merentes as finance minister, in a series of cabinet moves following his recent election. Merentes, who has held the position before under Hugo Chavez, has been central bank president since April 2009. Barclays points out that during Merentes’ previous run as finance minister, in 2004-2007, he held Venezuelan 5-year credit default swaps at an average of 230bp. Levels are now at 780bp, the bank says. Barclays adds that it sees better relation

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