Investors ask trade group if Venezuela sovereign debt is in default

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S&P said Venezuela had failed to make $200 million in coupon payments for bonds due 2019 and 2024 within the allowed 30-day grace period.

American investors can't participate in a restructuring anway, as sanctions prohibit them from receiving new bonds that Venezuela would issue.

While placing those latter two ratings on CreditWatch, S&P added that it saw a one-in-two chance Venezuela night default again within the coming three months. His appointment as negotiator by president Nicolas Maduro was perhaps an attempt to blame the USA for the default and boost local popularity, according to Ray Zucaro of RVX Asset Management, which invests in Venezuelan debt, on Bloomberg Television. He insisted, however, the OPEC nation would continue to service its debts.

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In the past, despite the hardships its people suffer, Venezuela has used its foreign reserves to make bond payments.

ISDA is already looking into whether Venezuelan state oil company PDVSA [PDVSA.UL] has triggered a credit event through a late payment of its 2017N bond.

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The so-called Determinations Committee for the Americas, comprised of 15 financial firms, met in NY following an initial gathering last Friday, "to discuss whether a Failure to Pay Credit Event had occurred" with respect to PDVSA, according to the ISDA. Nevertheless, his options are very limited.

As rough as the ride has been regarding debt, Maduro is also being buffeted by global accusations that he is acting as an autocrat - stomping on democracy by marginalising the opposition, which controls the parliament, and stifling independent media.

Now, as United States sanctions cut deeper into what's left of the economy, it's increasingly unclear how Venezuela will support itself.

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Venezuela's envoy to the UN, Rafael Ramirez, called the meeting "illegal" and a "hostile" act "of interference" by the US.

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