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The key question is how to get rid of Mr. Maduro before he completes the destruction of his country.NYT

Monday, June 5, 2017

The Venezuela Debt Dilemmas

To hold or not to hold? That is the dilemma facing holders of debt issued by the Venezuelan government and its sovereign and quasi-sovereign entities, including the national oil company PDVSA. The issue has been labeled a "moral quandary" by the Wall Street Journal, put Goldman Sachs in the headlines and prompted a Harvard professor to call on index providers to exclude Venezuela from benchmarks used widely by investors. Defined very narrowly, the question is whether to hold a bond that trades at a very high yield, has been the best performer this year in emerging markets, but whose default risk is considerable given that Venezuela is increasingly a failing state that already faces huge shortages, runaway inflation, growing poverty, hunger and socio-political unrest. More…

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