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Venezuela bondholders inch toward showdown

Tuesday, July 11, 2017

Inside Venezuela’s Economic Collapse

These days, Venezuela is in the international headlines almost daily: food shortages, spreading hunger, people dying for lack of medicine, and soaring homicide rates. Citizens demonstrate their discontent in the streets every day with blood, sweat and tears, as Nicolás Maduro’s increasingly unconstitutional regime clings to power. How is this possible, economically speaking? How can an economy that was thriving until 2012 lose a third of its GDP in five years and now be dangerously close to defaulting on its foreign debt? This dizzying descent into insolvency has stirred up an international ruckus, prompting the investment firm Goldman Sachs to – controversially – buy up US$2.8 billion in bonds from Maduro’s cash-strapped government. More…

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