to move promptly to arrest the deep humanitarian crisis, restore the country’s shattered economy, and deal with gargantuan legacy debts. All three efforts must be attempted simultaneously. None will be easy.
First, the settlement should be as comprehensive as possible. Maduro and his predecessor, Hugo Chávez, managed to incur liabilities to an astonishingly diverse group of creditors: banks, bondholders, unpaid suppliers, arbitration award holders, expropriated investors, and various others. Unlike most of the sovereign debt workouts over the last 40 years, this will not be a restructuring of exclusively bond indebtedness or commercial bank loans.
The Venezuelan people, multilateral supporters of Venezuela’s economic recovery, and Venezuela’s other commercial creditors will all insist that this culling process be carried out efficiently and transparently. In any exercise of this kind, the preferential treatment given to one category of claimant necessarily results in a proportional disadvantage to all the other claimants. The inter-creditor rivalry and resentment engendered by such discrimination could be fatal to a comprehensive debt-restructuring program of the type that Venezuela must soon undertake.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Malaysia Malaysia Latest News, Malaysia Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
BUSINESS MAVERICK ANALYSIS: Africa’s beastly burden: The case for shrinking the faunal poverty lineIt is no coincidence that Africa is the world’s poorest continent and the last refuge of menacing megafauna. This has pre-historical roots and today, the poorest of the poor bear the brunt of human-wildlife conflict. The concept of the ‘faunal poverty line’ seeks to address this and put people first.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: China’s Growth Slides to Weakest Pace in Almost Three DecadesChina’s economy continued slowing in the second quarter, with sluggish domestic output and continuing trade tensions pulling growth down to the weakest pace since the early 1990s.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Monday, July 15: Five Things You Need to Know to Start Your DayChina growth data is coming up, markets are set for a cautious start to the week and U.S. earnings season kicks off. Here are some of the things people in markets are talking about today.
Source: dailymaverick - 🏆 3. / 84 Read more »
BUSINESS MAVERICK: Old Mutual’s battle with Peter Moyo is not only about a conflict of interestAt the heart of the dispute between Old Mutual and sacked CEO Peter Moyo is NMT Capital, an investment firm Moyo co-founded with business titans Sango Ntsaluba and Thabiso Tlelai. Old Mutual is vexed that Moyo and other NMT shareholders wrongly pocketed dividends while the firm had outstanding preference share dividend payments to the insurer and debt obligations to the Industrial Development Corporation. NMT is potentially insolvent.
Source: dailymaverick - 🏆 3. / 84 Read more »