For those not in the know, Venezuela is the “king of bond defaults”. The government has been in a constant economic mess. Their oil reigning days are over and with the new sanctions they’ll feel more heat. Every single things has literally been going wrong for them it’s a pity.
https://www.ft.com/content/3202dad2-5d27-11e8-9334-2218e7146b04
and btw here’s the current price of their 2027 dollar debt.
h/t Living_Granger