The Venezuela default watch continues. It looks like
everyone will have an answer to the perennial question these days on South
America's biggest basket case nation: when does willingness to pay lose out to
the government's ability to pay? If Nomura Securities is right, it happens in
2018. "We continue to interpret a strategy of willingness to pay while
officials explore other scarce options before succumbing to the inability to
pay as early as next year," writes Siobhan Morden, Nomura's lead Venezuela
death watcher at this point. More…
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