Originally Posted by RetireBy90
They have a supreme court decision against them, and haven't paid interest due on these bonds for couple months. Press has led me to believe they may be allowed some flexibility in 2015. But they have offered bond holders new bonds of a longer duration, a sign they may be prepared to default again. Lots of back stories on this one. But as you say, a gamble with a potential large payoff.
Are you talking about Argentina?
Venezuela's state oil company is PDVSA. It owns the CITGO refineries in the US but they are heavily indebted. They are also the only meaningful assets owned by the Venezuela government outside Venezuela. Exxon-Mobil and Chevron are suing to recover appropriated assets and these refineries will not be able to be sold until the cases are settled.
With all the problems in Venezuela, I can't see them paying anything on their debt. Venezuela has bonds they are trying to sell which is how they were paid for oil to various South American and Caribbean nations. I can't see these bonds being any more than a wild speculation.