Venezuela: Walking away

Venezuela: Walking away

Venezuela Bonds Funds US Features

It is a question Venezuelan bondholders and multinational companies in Venezuela have repeatedly asked themselves: How much longer can the country stave off a possible debt default and further economic calamity? An offer to swap bonds issued by the state-owned oil company PDVSA is the latest attempt by the Venezuelan government to gain some breathing room as it confronts a deepening economic crisis, low oil prices and billions of dollars of debt payments over the next year.  The proposal to swap $5.3 billion of bonds maturing in April and November 2017 for securities due in 2020 was met with investor skepticism. PDVSA was forced to sweeten the deal and extend the deadline twice, hoping t

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