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Message: Re: MINEWEB Article./ I hope you are not wrong
ttp://www.eluniversal.com/nacional-y-politica/120922/morgan-stanley-venezuela-incurriria-en-impago-de-la-deuda-si-chavez-ga
Morgan Stanley: Venezuela incur debt default if Chavez wins
EL UNIVERSAL
Saturday September 22, 2012 3:47 PM
"Venezuela could be in breach of its debt payments even in the second half of 2013, if President Hugo Chavez gets reelection" in the elections on October 7 and if "fails shore accounts increasingly fragile country oil, "said Morgan Stanley.
Venezuela has to pay 4.3 billion dollars for debt service between August and November 2013, which could be a "tipping point," the firm said, adding that Chavez, who try to add a new term of six years his nearly 14 years in power, "has hurt Venezuela accounts with the nationalization of key sectors of the economy, endemic inflation and lack of fiscal discipline."
According to Morgan Stanley, the Venezuelan government's policies are a mixture "unsustainable" that increases the risk of default on debt (110.6 billion dollars), especially if oil prices plummet, may government measures are "leading Venezuela toward a crisis and potentially even debt to an event that could occur in the second half of 2013," the report said.
"Venezuela's debt is not so much with big banks creditors but traded bonds that are held by a dispersed group of creditors, which could make the restructuring more difficult."
Venezuela has to pay 4.3 billion dollars for debt service between August and November 2013, which could be a "tipping point," the firm said, adding that Chavez, who try to add a new term of six years his nearly 14 years in power, "has hurt Venezuela accounts with the nationalization of key sectors of the economy, endemic inflation and lack of fiscal discipline."
According to Morgan Stanley, the Venezuelan government's policies are a mixture "unsustainable" that increases the risk of default on debt (110.6 billion dollars), especially if oil prices plummet, may government measures are "leading Venezuela toward a crisis and potentially even debt to an event that could occur in the second half of 2013," the report said.
"Venezuela's debt is not so much with big banks creditors but traded bonds that are held by a dispersed group of creditors, which could make the restructuring more difficult."
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