MercoPress. South Atlantic News Agency
S&P downgrades Venezuela long term credit rating to CCC
Ratings agency Standard and Poor's on Monday downgraded Venezuelan long-term credit ratings to CCC from CCC+, citing falling oil prices and the government's failure to address economic distortions. Read full article
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Disclaimer & comment rules“many Wall Street investors continue to hold Venezuelan securities” - you are a better man than me, Gunga Din!
Feb 10th, 2015 - 09:01 am - Link - Report abuse 0Good luck to them, they'll need it, 'cause CCC = grab whatever you can and get out of there ASAP.
I wonder what Maduro's little bird has to say about it?
Squib?
Nothing like stating the blindingly obvious: what took them so long?
Feb 10th, 2015 - 10:08 am - Link - Report abuse 0I have to laugh as the article mentions “...bonds have rebounded since last week as oil prices picked up.” The WSJ reports that oil is going to remain in the sub $55 a barrel range for the long term. Madero needs at least $100 just to keep his train wreck going forward. Other than petroleum, the only other valuable exports he has are beauty queens and baseball players...
Feb 10th, 2015 - 03:46 pm - Link - Report abuse 0Chile has been receiving an increasingly large number Venezuelans fleeing their country. A significant number of those are middle class professionals with their families due to the rising political instability, economic deterioration and terrible acts of violence.
Chile is perhaps the safest and most stable country in Latin America with excellent private health care, education and business opportunities.
At the supermarkets here they can obtain virtually nearly anything they wish here including Venezuelan arepa flour, feminine hygienic products and toilet paper. (Perhaps its because Chilean authorities tend not to arrest CEO's of our supermarket chains here or seize private companies.)
Free market, open economy and an independent central bank also helps.
just how far can you go,
Feb 10th, 2015 - 08:07 pm - Link - Report abuse 0is there a ZZZ,
what is the lowest...
I give it 3 more months for the oil-price to bite, and we will see chaos on the streets.
Feb 10th, 2015 - 09:14 pm - Link - Report abuse 0Maduro is already preparing. He has given the Army permission to 'the shoot to kill order' against any protestors.
That, Briton my friend, is about as low as you can go against your own people.
Thanks
Feb 11th, 2015 - 12:54 pm - Link - Report abuse 0I have posted this on an 'Argentina' thread, (in response to another poster), but it is more relevant here, I feel.
Feb 12th, 2015 - 02:53 am - Link - Report abuse 0Apologies those for whom this is a double post.
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Maduro gave the military a 47% pay rise last year, in the expectation of loyalty...
But with inflation running at 73%, (or is it over 100% now, who knows)?, that doesn't look so great.
He is now, basically, by giving permission, asking them to kill their own kinsfolk, if 'necessary'.
The Bastard.
He has tried to buy them before. Obviously a General has a higher wage, (and power, and access to the narco-mercado), than your average soldier.
Vnzla has over 5,000 Generals.
Just to give some contrast, the USA has approx 500 active service Generals in the Army, Airforce and Marines at anytime.
I am sure you don't need little ol' me to explain the difference in size of the US Armed Forces and Venezuela's...
Maduro~Mas-Burro.
Official US$/BSF is 6.3
'Blue' US$/BSF 190.7 (fluctuating daily)
see dolartoday.com - this is what Vnzlns use.
Makes the Argentine Peso look pretty good...
Previously the Maduro regime said that it 'only' needed the oil-price to be $65 per barrel.
Well, it just ain't so, anymore.
Some commentators say they need it to be $100, the FT and The Economist have said Maduro needs at least $117-120.
I give Vnzla 3 more months before the chaos and carnage starts.
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