Venezuela Policy Continuity Will Lead to Default, Nomura Says

“Policy continuity will take us to a default” in Venezuela, Javier Kulesz, an analyst at Nomura Holdings Inc., said at an Emta conference in New York. * In the short term, investors should be “long” because Venezuela will make bond payments next month. * “These guys are operating on fumes,” Marco Santamaria, a money manager at AllianceBernstein LP, said at the conference. “They need the hard cold cash sitting in the central bank,” he said. “The situation’s quite grim.”

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