Nicholas Maduro is about to make Venezuela worse again. According to Fitch Ratings, Venezuela’s oil
firm, and the Socialist Party of Venezuela’s (PSUV) only viable printing press,
is on the cusp of default. Fitch said on Tuesday that PdVSA faces a challenging
2017, regardless of oil prices. PdVSA is producing less oil than it has in
years, has a weak cash position, and has a lot of debts due that it cannot pay
on its own. Default is probable this year. If so, PdVSA bond prices face an
average recovery rate of 31% to 50% of their value. More… 
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Wednesday, February 1, 2017
PdVSA Default Ready To 'Make Venezuela Worse Again'
Nicholas Maduro is about to make Venezuela worse again. According to Fitch Ratings, Venezuela’s oil
firm, and the Socialist Party of Venezuela’s (PSUV) only viable printing press,
is on the cusp of default. Fitch said on Tuesday that PdVSA faces a challenging
2017, regardless of oil prices. PdVSA is producing less oil than it has in
years, has a weak cash position, and has a lot of debts due that it cannot pay
on its own. Default is probable this year. If so, PdVSA bond prices face an
average recovery rate of 31% to 50% of their value. More… 
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