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Venezuela’s Bondholder Meeting Is a Bust as S&P Declares Default

  • El Aissami rails against Donald Trump, global financiers
  • Fewer than 100 investors said to be in attendance at meeting
Bloomberg business news
Why Venezuela Is Getting Increasingly Desperate
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Venezuela’s grand gathering with creditors Monday lasted all of 30 minutes and didn’t produce anything of substance. To make matters worse, S&P Global Ratings declared the country in default while Fitch Ratings cited missed payments by the state oil company prompting a fresh selloff in the nation’s bonds.

The actions from the ratings companies came after an odd spectacle in Caracas, where bond investors who made the trek found a red-carpet welcome, an honor guard salute and gift bags stuffed with state-produced chocolate and coffee. Fewer than 100 creditors showed up at the downtown Caracas office building, and at least one hightailed it out after realizing that two government officials sanctioned by the U.S. were in attendance, fearful of violating rules governing interactions with them.