IKN

Win us with honest trifles

Oh Noes!! PDVSA almost bankrupted!

Bloomberg screams the headline this morning that PDVSA Supplier Debts Doubled to $7.56 Billion in 2008″ which must be bad news and PDVSA is going under and we’s all gonna dies, right? Hmmm….buried down the note is the minor detail that PDVSA sales ran to $126.4Bn in 2008, which means it’d take a massive and uncontrollable 22 days of sales to pay off said debt.

What makes me suspect there’s a spin going on around here? Y’know call me cynical and that, but…….

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