Venezuela Debt Talks Gear Up With Red Carpets, Assault Rifles
- Debt talks, UN meeting and ISDA ruling all expected on Monday
- Grace periods on $280 million in bonds expired over weekend
Why Venezuela Is Getting Increasingly Desperate
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Venezuela rolled out a literal red carpet for investors coming to debt restructuring talks in the capital Monday, welcoming them to a sprawling government office building downtown that was flanked by national guards carrying assault rifles and riot shields.
Officials said more than 400 bondholders had signaled plans to attend, which seemed a wholly improbable number given that not a single foreign investor contacted by Bloomberg News last week intended to make the trip. Most observers think the meeting will offer little of substance given that U.S. sanctions make it virtually impossible for the country to pull off the kind of securities exchanges that would usually be part of any debt relief.