, Columnist
The Bond Market Has Decided Venezuela Is Too Big to Fail
The art of not pulling the trigger on a default rests on how much you're owed.
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The first rule of being in debt is to keep talking to your creditors. This seems to be just about working for Venezuela, since its main lenders are giving it the benefit of the doubt.
Russia has just confirmed new terms of an existing $3.15 billion loan, an important indication that it still has sovereign backers.