To understand Venezuela's future, look to the bond market, not politics and protests

Rather than young activists protesting in public squares, some analysts believe the most likely force to spurn serious political change in Venezuela comes from spreadsheet-wielding bond traders and well-heeled sovereign debt lawyers as they move to seize state-owned energy assets to recoup money owed. Venezuela's government maintains it will pay all of its debts and is working to reform its economy by cutting fuel subsidies and changing how its currency is managed — all aimed at fighting what it calls an "economic war" being waged against the country by the U.S., neighbouring Colombia and domestic business owners.  More…