Venezuela's Default Risk Is Rising

Bets on a Venezuelan default are climbing as international reserves approach $10 billion amid heightened anti-government protests intensify and President Nicolas Maduro’s push to rewrite the constitution. The implied probability of the country missing a payment over the next 12 months rose to 56 percent, according to credit-default swaps data compiled by Bloomberg. That’s the highest level since December. The odds of a credit event over the next five years increased to 91 percent in June. More…