Venezuela squandered oil riches, now faces default
If you ever had a desire to invest in oil rich Venezuela, you may want to hold your money.
The government, first under the self-proclaimed revolutionary government of President Hugo Chávez and now under his handpicked successor Nicolás Maduro, has managed to squander one of the longest, greatest oil booms in history, not just misspending the oil windfall that at one point reached $133 per barrel, but also destroying the country's domestic economy.
As a result, Venezuela teeters on the edge of default on its debt.
Venezuelan benchmark sovereign bonds are now trading at 22 cents on the dollar--a shocking, sad situation for any petro-state, now made urgent with oil selling at around $60 per barrel.… Seguir leyendo »