Nicolás Maduro’s downfall in Venezuela has opened the way to the world’s biggest and most complicated sovereign debt restructuring since Greece’s default shook the Eurozone in 2012.
While big hurdles remain to any deal, an end to Venezuela’s near decade-long default had appeared all but impossible while Maduro was in power and US sanctions had stopped the country issuing any new bonds since 2017.
“You have gone from no prospect of restructuring, to restructuring in a year or two,” said Eric Fine, portfolio manager at VanEck.
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