Venezuela ruled in default by trade group after bond payment delays

Venezuela’s cash-strapped leftist government has defaulted on sovereign debt and bonds issued by state oil firm PDVSA after failing to make timely payments, a New York-based derivatives group ruled on Thursday. The International Swaps and Derivatives Association (ISDA) committee’s unanimous decision that the delays constitute a “credit event” triggers limited payouts on credit default swaps (CDS).More…