Not quite “Sleepless in Seattle.” More like “Cranky in Caracas.”
A cup of coffee in Caracas? A measly 1.4 MILLION Bolivars!
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Annual inflation in Venezuela has declined to 55,000% from 65,000% in August. Probably measurement error.
And Venezuela’s oil production has declined under Maduro’s “Reign of Error” while the US has cranked-up oil production.
Venezuela’s sovereign yield curve (in US Dollars) today versus when President Nicholas Maduro took office. Quite a change!
And Petroleos de Venezuela, their large government-owned oil company, has a credit default swap of … over 12,000 at 6 months.
For comparison sake, Greece (the eternal problem child of Europe) has a far smaller CDS.
I hope that isn’t a Rolex or Patek Philippe wrist watch. It wouldn’t send the right message for Cuban-style Socialism.
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