Venezuela about to go down the tubes...a lesson for Corbyn and the Labour Party perhaps?

Discussion in 'Current Affairs, News and Analysis' started by Rodney2q, Jul 28, 2017.

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  1. Yeeah! F**k Socialisms, Communisms, Stalinesqueisms, Maoistms, Pol-Potisms, Marxisms, Corbynisms, MacDonut-isms..... yeah let F**k 'em all. Well, I'm off out for lunch at a 'Spoons' Pub today....:):hungry:
     
  2. Alcoholism it is then
     
  3. Wordsmith

    Wordsmith LE Book Reviewer

    A fairly epic example of another socialist government running out of other people's money to spend.

    Reading the above link, one of the few things that's saving a default at the moment is the need for Putin to save face. If he admits Venezuela is bankrupt, he looks a right chimp. Ditto the India company owed an eye watering sum of money. If they admit the debt has gone bad, I suspect they'll be bankrupt themselves.

    I think it was George Soros who said "it's only when the tide goes out, you can see who's swimming naked". We're about to find out who made extremely stupid loans to Venezuela - the writing has been on the wall for several years.

    Wordsmith
     
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  4. It is reported the Cormade Putin of Russian has stepped in to secure Venuzela from bankruptcy, and in turn has been granted acess to Venezuelan port facilities for the Russian Federation Navy. Now the Septics are going to love this.

    Venezuela is handing over unprecedented control of its state-owned oil assets to longtime financial backer Russia in an effort to stave off insolvency and economic collapse.


    Battered by civil unrest that threatens to become a total political meltdown, the socialist government of President Nicolas Maduro has offered an ownership stake in up to nine of Venezuela’s most productive oil projects, Reuters reported Friday.


    [​IMG]
     
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  5. The New York Times reports
    The electricity company, Corpoelec, based in Caracas, was unable to make a $28 million payment on a $650 million bond. The bond was originally issued by Electricidad de Caracas before it was nationalized as a Corpoelec subsidiary a decade ago.
    Venezuela and its state-owned enterprises — including the oil company Petróleos de Venezuela, known as Pdvsa — have missed roughly $350 million in interest payments over the last month. The grace period on many of them will end in the next few days.
    President Nicolás Maduro announced last week that the government would refinance and restructure $63 billion in bonds, and invited investors to meet with a government committee led by his vice president.
     
  6. Wordsmith

    Wordsmith LE Book Reviewer

    Considering Comrade Putin's oil revenues have fallen sharply since the oil price tanked, I would imagine the US will be happy for him to keep throwing money down that particular pit. It hastens the day when Russia runs out of money itself.

    Wordsmith
     
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  7. 'Selective default' -otherwise ' we have no money'
    Venezuela in 'selective default'
    International credit ratings agency Standard & Poor's has declared Venezuela to be in "selective default".

    The ratings agency said the South American nation had failed to make $200m (£153m) in repayments on its foreign debt.

    Venezuela's state-run oil company PDVSA has also been declared in default by rating agencies Fitch and Moody's.

    The news came just hours after the government met investors in Caracas to try to renegotiate its debt.
     
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