Desperate Venezuela defaults to Russia amid bond fire sale
Venezuela and state oil and gas firm PDVSA bonds tumbled this week as the government missed a payment on a loan to Russia, continued to seek new funds at what one analyst called “loan shark” rates, and was dealt a further blow as oil prices slumped.
One trader said bonds fell anywhere from 2.5 to seven points across the curve on Wednesday and Thursday as a perfect storm of events hit Venezuela.
It emerged this week that Russia’s Audit Committee’s review of changes to the 2017 budget showed that Venezuela had failed to honour
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