As Venezuela grows closer to exhausting
nearly every means of paying its debt, some oil market participants are
seriously pondering the possible implications of an unprecedented event: the
default of a major crude producing company. State-run firm PDVSA faces around
$5.2 billion in payments to bondholders in 2016, much of it in October and
November, a sum that some experts say it will be hard-pressed to meet after the
government used nearly all of its available cash reserves to pay $1.5 billion
in maturities last week. More…
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