Praying to pay
A default is becoming hard to avoid
WHENEVER someone questions Venezuela’s creditworthiness, the country’s president, Nicolás Maduro, retorts that his government has never missed a debt payment and never will. His predecessor and mentor, the late Hugo Chávez, said the same thing. Creditors are demanding a handsome reward for their trust in that promise. The yield on Venezeula’s dollar bond that matures in 2020 is 37%.
This article appeared in the The Americas section of the print edition under the headline "Praying to pay"
From the February 20th 2016 edition
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