Russell Dallen News
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Venezuelan opposition leader Henrique Capriles Radonski took a step back from the brink of a mounting confrontation with the government by calling off a march planned for today to protest the results of the April 14 presidential election.
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Nicolas Maduro was proclaimed the winner of Venezuela’s disputed presidential election as the opposition called on supporters to press for a recount of the closest vote in 45 years.
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Billionaire Paul Singer has denied he owns credit-default swaps that would allow him to profit if Argentina shirks a court order requiring it pay him in full and halts payments. That hasn’t stopped Argentina from repeating the claim as its bond risk soars to the highest in the world.
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The retired Venezuelan teacher says he was so desperate for dollars that he wired his life savings to a front company posing as a Margarita Island inn. Almost four months later, all he has to show for it is a menacing e-mail.
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Venezuela’s bolivar plunged to a record low in unregulated trading after last week’s devaluation of the official rate failed to increase the supply of dollars.
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Argentine defaulted bond traders are sticking to bets that they’ll be paid even after a U.S. court delayed an order forcing the South American country to make a $1.33 billion payment.
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Siderurgica del Turbio SA, the Venezuelan steelmaker taken over by the government in 2010, was found to be in default, creating a fresh opportunity for bondholders to demand immediate repayment.
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Since taking office in 1999, Hugo Chavez has spread his socialist revolution in Venezuela by seizing more than 1,000 companies. For bondholders that stuck by him, he’s also delivered returns that are double the emerging- market average.
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To avoid the nation’s creditors, Argentine President Cristina Fernandez de Kirchner is spending $880,000 to fly to Indonesia.
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Petroleos de Venezuela SA will sell $1.5 billion of bonds to the central bank to repay a loan and will likely sell additional securities in the second half of the year, a government official said.
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