…..here’s today’s story about how Chávez “tones down rhetoric” and the parallel forex and bonds “jump“. Of course, this rebound has nothing to do with the way the whole financial community tried its hardest to instill panic in all things Venezuelan, scare the crap out of people and rob them of their money, is it?
Compare what IKN said yesterday…..
Chávez isn’t good at economics…we’ve been here before and seen how he’s made these noises and backed off and made the noises and backed off again. This time won’t be much different, as at some point in the next couple of days his financial peeps will quietly explain things to him and then the subject gets dropped…again.
…to the message today:
Dec. 4 (Bloomberg) — Venezuela’s bolivar rose, rebounding from a 9 percent plunge yesterday, and the country’s dollar bonds gained after President Hugo Chavez toned down threats to nationalize the banking sector.
The bolivar gained 1.7 percent in the unregulated market to 6 per dollar at 11:14 a.m. in New York, from 6.1 yesterday, traders said. The yield on Venezuela’s 9.25 percent bonds due in 2027 dropped 39 basis points, or 0.39 percentage point, to 14.29 percent, according to JPMorgan Chase & Co. The bond’s price rose 1.75 cents on the dollar to 67.75 cents after yada yada continues here
Seriously, these Venezuelan wolves in sheep’s clothing con artists need to……
