Socialist Paradise Update: Venezuela Has 93% Chance of Default

It’s been a while since Guido’s global coverage caught up with how the loony Labour left’s favourite socialist paradise is getting on. Well, today Venezuela’s probability of defaulting on its debts has sky-rocketed to 93%, as the oil price slump sends the country’s bond prices to a 16 year low. The graph above from Zero Hedge shows how default risk has gone through the roof.

Bloomberg reports:

“Venezuela, which has seen over 1,000 of its companies nationalized since former President Hugo Chavez came to power 15 years ago, relies on oil for 95% of its export revenue. The nation is plagued by chronic shortages of everything from milk to toilet paper amid the world’s fastest inflation. The economy is expected to shrink 3% this year and another 1.5% in 2015.”

Owen Jones, Diane Abbott et al don’t tend to talk about Venezuela so much these days…




Tip offs: 0709 284 0531
team@Order-order.com

Quote of the Day

Top Corbynista Cat Smith on the general election:

“…we didn’t lose it…”

Sponsors

Guidogram: Sign up

Subscribe to the most succinct 7 days a week daily email read by thousands of Westminster insiders.
Hammond Overspending by Just £10 Million an Hour Hammond Overspending by Just £10 Million an Hour
Momentum Soft Smut Snapper Rejected as Labour Candidate Momentum Soft Smut Snapper Rejected as Labour Candidate
All Smiles After Cabinet All Smiles After Cabinet
Who’s The Eye’s Telegraph Mole? Who’s The Eye’s Telegraph Mole?
UK Green Lobby Funded by Anti-Immigrant Multi-Millionaire UK Green Lobby Funded by Anti-Immigrant Multi-Millionaire
Tory Glasto Hosted by Multi-Millionaire Gambling Magnate Tory Glasto Hosted by Multi-Millionaire Gambling Magnate
Hammond and Treasury “On Manoeuvres” Against Brexit Hammond and Treasury “On Manoeuvres” Against Brexit
Osborne Lands Job Number Seven Osborne Lands Job Number Seven
Civil Service ‘Not Really Preparing’ For No Deal Civil Service ‘Not Really Preparing’ For No Deal
Osborne’s Latest Duff Analysis Osborne’s Latest Duff Analysis
Corbynista Journo Banned from Conference Corbynista Journo Banned from Conference
Sheerman’s Shameless Shilling Sheerman’s Shameless Shilling
Carwyn Jones Picks a Winner Carwyn Jones Picks a Winner
Red Robbins: May’s Brexit Supremo is Soviet Sympathiser Red Robbins: May’s Brexit Supremo is Soviet Sympathiser
Owen Goes Full Brent Owen Goes Full Brent
What Caused Rachel Sylvester’s Volte Face? What Caused Rachel Sylvester’s Volte Face?
Labour Moderates Screwed Labour Moderates Screwed
WATCH Boris: “I’m Not Resigning” WATCH Boris: “I’m Not Resigning”
Corbynistas Seek Right to Suspend NEC Elections With “Venezuela Amendment” Corbynistas Seek Right to Suspend NEC Elections With “Venezuela Amendment”