Venezuela meets creditors as debt default looms

Venezuelan President Nicolas Maduro, shown at a press conference in Caracas last month, has insisted his country can pay off its massive debt 13-11-17
  • [16-11] #UPDATE Default ruling comes after Venezuela, PDVSA declared by major debt ratings agencies to be in "selective default"
  • [13-11] S&P declares #Venezuela in #default after missing interest payments on #debt. :
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  • [15-11] #UPDATE Venezuela and state oil company PDVSA are declared in partial default by ratings agencies
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Venezuela meets creditors as debt default looms
Venezuelan President Nicolas Maduro, shown at a press conference in Caracas last month, has insisted his country can pay off its massive debt
What can creditors do bad for the countries with high external debt like Greece, Venezuela. Can they be auctioned like debitor's property?
Is it true Venezuela has defaulted in its debt? Will this cause the country to fall into a civil war? How did the world react to it? Venezuela indeed just had a selective default today, something like two days after having officially declared they would *never* default. The consequences are likely to be milder than the debt restructuring of Greece for instance, because Venezuela should be able to avoid the pressure of IMF and so on on its policies. But still, it is going to increase even further the inflation, which is already a problem. Getting dollars to import everyday products is going to get more difficult, especially if the prices of oil remain low (their balance of trade tend to be negative since early 2015, while it used to be in largely positive). It will increase the risks of corruption and fraud in the official currency exchanges, while making black market a more and more profitable business. In parallel, it will increase the quantity of shortage in shops (but note that shortage does not mean famine, it just mean that you can't have what you wanted to buy and have to by a local equivalent instead). It's not clear how it will impact the political situation. It is likely to increase the tensions, but it's not going to start a civil war just by itself, and we could even imagine that it could potentially strengthen the government (turning the local bureaucracies more corrupted and more influential, leaving less room for democracy). Regarding what the World will do, probably nothing. The US and its allies can't really be more anti-Venezuela that they already are. And invading countries which default on their debt is supposed to be a XIXth century thing.
When to file bankruptcy? Never ignore a court summons. They win by default. They can't garnish your wages in Texas, but they can place liens on any valuable property including bank accounts where your wages are deposited. Before going to BK or Debt Settlement, take the Consumer Credit Counseling route. Less damaging. Search for "Problems with debt settlement companies" to see why that route is bad. BK is also bad, but the BK court offers protection from your creditors that debt settlement don't. Make sure if you go the credit counseling route, that they are a non-profit group. Some debt settlement companies might disguise themselves as credit counselors. Before you can file a BK, you have to show that you don't have the "means" (financial resources) to pay your debts.
Do credit card companies track you internationally? Nope. Every nation has their own rules and regulations regarding credit and debt, so unless you are moving to a U.S. territory, it would be almost impossible for your creditors to come after you. With that said, debt dodging isn't a perfect solution. Substantial debt may be used as a reason to deny a Visa application. You may also need to avoid using banks that work internationally. Most importantly, you should know that the real tool for creditors against debt dodgers is the IRS. What happens is that they file a 1099 with the IRS, basically saying that since you have no intent to pay them back that what you borrowed should be considered income. The IRS has a wide reach, and can easily go after you nearly anywhere on Earth, but of course paying a few thousand in taxes might be a small compromise to make if your debt is otherwise too excessive. edit:Following answering, I Googled your question to ensure Australia didn't have any special laws that would make me wrong. It seems the only thing I hadn't accounted on was that if you work for a U.S. based employer your waged can apparently still be garnished.
When to file bankruptcy? Not going to court was a mistake. The CC companies have won their case by default. You now owe the amount of the debt, and most judgments cannot be bankrupted. In Texans, they cannot garnish your salary, BUT they can put a lien on your home and your car and your bank account. Yo be sure, your creditors have no reason to negotiate anything with you anymore. You could have spoken with them and made arrangements before they went to court. Now they are the ones who are holding all the cards.
When to file bankruptcy? #1- you made a BIG mistake by not appearing in Court....here's just one website w/info - If a creditor fails to show in court, the case may get dismissed since the creditor won’t be present to provide evidence regarding their claim. If a debtor fails to show up, it is often grounds for a default judgment. This allows the creditor to schedule an inquest or hearing to present information to the court without your presence; meaning you won’t be able to defend yourself while they present supporting documents of their claim. Keep in mind, there are consequences that follow a default judgment. The creditor may obtain a judgment order that allows them to seize assets, property or wage garnishment to satisfy outstanding credit card debt . Some states have regulations in place that protect certain items or assets from being seized by creditors for unsecured debt. you need to speak w/a lawyer NOW !!! do not even try to file for BK til you have counsel
Venezuela meets international creditors as debt default looms Following months of violent protests, Venezuela is meeting with creditors to discuss ways out of what seems to be inevitable default. Meanwhile, the EU slapped a new set of sanctions on the South American nation.
Venezuela to meet creditors in bid to dodge default By Brian EllsworthCARACAS, Nov 13 (Reuters) - Venezuela opens talks with creditors on Monday to renegotiate a crippling debt that has left once-prosperous...
Venezuela is in default, and you may own its debt
S&P says Venezuela is in default on sovereign debt Rating agency confirms failure to make $200m in bond coupon payments within grace period
Ukraine Warns Creditors as Debt Restructuring Looms Ukraine Warns Creditors as Debt Restructuring Looms Ukraine’s finance minister warns creditors to come to the table now to restructure $40 billion in debt or face the risks of an uncertain economic, political and military climate down the road.
Maduro says Venezuela will 'never' default on its massive debt Venezuelan President Nicolas Maduro insisted on Sunday that his cash-strapped country would "never" default, as he prepared to meet with creditors in Caracas to discuss rescheduling part of the country's massive $150 billion debt. "Never, default will never reach Venezuela," he declared on his weekly television show. Maduro pointed to ongoing negotiations with his allies China and Russia, to which Venezuela owes, respectively, $28 billion and $8 billion.
Ukraine Gears Up for Debt Talks as Default Deadline Looms Ukraine Steps Up Efforts for Debt Deal Ukrainian Finance Minister Natalie Jaresko is set to meet with the country’s bondholders in a down-to-the-wire effort to reach a restructuring deal before a July 24 deadline passes.
Venezuela's Maduro dismisses default possibility on eve of debt talks CARACAS (Reuters) - Venezuelan President Nicolas Maduro said on Sunday the country would never default on its debt, a day before debt talks with creditors that will be overseen by two officials under sanction by the United States.
Venezuela's Maduro dismisses default possibility on eve of debt talks By Deisy Buitrago CARACAS (Reuters) - Venezuelan President Nicolas Maduro said on Sunday the country would never default on its debt, a day before debt talks with creditors that will be overseen by two officials under sanction by the United States. Vice President Tareck El Aissami and Economy Minister Simon Zerpa will meet with creditors in Caracas on Monday, Maduro said, contradicting earlier reports that sanctioned officials would skip the meeting to reduce investor anxiety about attendance. "People have bet on Venezuela declaring default - n
Venezuela, in 'selective default', signs debt deal with Russia Venezuela signed a debt restructuring deal with major creditor Russia on Wednesday, as ratings agencies declared Caracas in partial default. The country is seeking to restructure its foreign debts, estimated at around $150 billion, after it was hit hard by tumbling oil prices and American sanctions. A Venezuelan delegation led by Finance Minister Simon Zerpa signed the deal restructuring $3.15 billion of debt taken out in 2011 to finance the purchase of Russian arms.
Venezuela prepares for debt restructuring meeting as rumors of default grow Ahead of a key meeting with creditors in Caracas about $60 billion of debts, the president has insisted Venezuela will never default on its debt. Meanwhile, the EU has moved to impose sanctions including an arms embargo.
UPDATE 4-Venezuela calls creditors to debt talks, restructuring plans hammer bonds (JPM)
USA VENEZUELA - US prohibits dealings in new debt issued by Venezuela
Puerto Rico Utility, Creditors Close to Deal to Avoid Default Puerto Rico Utility, Creditors Close to Deal to Avoid Default The Puerto Rico Electric Power Authority and its creditors were close to a deal that would allow the cash-strapped utility to pay more than $400 million to bondholders, staving off what investors feared might be the first default of many from the U.S. commonwealth.
Key U.S. Market Indicators as Default Looms Key U.S. Market Indicators as Default Looms Track key U.S. market indicators as the default deadline looms.
Belize Default Looms as Negotiations Continue Belize Default Looms as Negotiations Continue The Central American nation failed to make a $23.1 million interest payment in August on $548.3 million in outstanding debt.
Venezuela Heads to a Default Reckoning Venezuela Heads to a Default Reckoning Amid bills for imports and debt servicing, and shrinking dollar liquidity, something has to give.
Venezuela teeters on brink of default Longstanding fears of a Venezuela debt default crystallized Wednesday, as the political crisis engulfing the sinking OPEC state deepened with a meeting set at the UN Security Council and the EU eyeing an arms embargo. Investors were bracing for what looked to be an inevitable "credit event" that analysts said could arrive within days -- before a "refinancing and restructuring" of the debt called for by President Nicolas Maduro. While the country's isolation means the risk of contagion to international financial markets is limited, a default cou
US sanctions help push Venezuela to default US sanctions against Venezuela have accelerated the already catastrophic decline of the oil-rich nation's economy, and are pushing it to a debt default that economists say could happen as early as this week. The aim of the latest US action is to choke off funding to Venezuela by blocking access to foreign currency. The Trump administration announced the latest sanctions against Caracas on August 24 after labeling Venezuelan President Nicolas Maduro a "dictator." They follow an earlier set imposed July 31.
While shutdown impasse continues, default threat looms
Greek banks close for a week as default looms Greece imposed capital controls and a €60 withdrawal limit after ECB funding was frozen
Last Lifelines Crumble for Many Greek Families as New Conflict With Creditors Looms Last Lifelines Crumble for Many Greek Families The fraying finances of Greek households, which until now have made ends meet because of close-knit extended families and savings, form the backdrop to a looming showdown between the Greek government and its creditors.
Venezuela’s economy is on the brink of default. Here’s what that actually means.
Venezuela crisis deepens with 'selective default' Venezuela and the jewel of its oil-dependent economy, PDVSA, were declared in partial default by ratings agencies Tuesday, while creditors meeting in New York put off a decision that could spark a run on the state oil company's assets. S&P declared Venezuela in "selective default" after it failed to make $200 million in payments on two global bond issues by the end of a 30-day grace period on November 12. Fitch meanwhile placed PDVSA in selective default for a week's delay in the payment of two bonds totalling some $2 billion, which matured Nov
Can creditors force sale of shares to pay debt? Can creditors force us to sell our shares in order to pay or reduce debts owed or perhaps put a court order in place in order that we use any income from them to reduce any debt? (We are in the ...
If I default on a debt is the effect on my credit score the same regardless of the amount of debt? If I default on a debt is the effect on my credit score the same regardless of the amount of debt? For example if I default on a few hundred dollars of medical debt would that effect my credit score ...
If I have a lot of debt and the housing market is rising, should I rent and slowly pay off my debt or buy and roll the debt into a mortgage? I'm a Canadian divorcee who walked away from marriage with debt. I have a great income, but I owe $60K on a line of credit and credit card debt as a result of litigation. I pay $1,500/month in rent. ...
What would happen if USA college students could default on their debt? [on hold] If a new POTUS came into office with his boot already on the neck of Congress and quickly passed a bill saying that student loan debt could now be defaulted on and those who default could go through normal bankruptcy proceedings, what would the immediate aftermath be? Assuming no other policies were passed in preparation prior?
What are the stated downsides of allowing to default on college loan debt? There are political positions in USA who advocate that people should be able to default on college loan debt (with the status quo being that it's very hard if not impossible to do so right now). What are the reasons (stated downsides) that proponents of the status quo posit as a reason not to allow to default on college loan debt? The answers need to: ideally, cite scientific/economic studies that are being used to back up any arguments barring that, cite who publicly used any specific reason/argument As an answer noted, the main context for this is federally backed loans during personal bankruptcy.
What effect would sovereign default of a European country have on personal debt or a mortgage? What effect would sovereign default of a European country have on personal debt, especially a mortgage?
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