Another Reason To Be Bearish Debt

Our concerns of a debt crisis in Venezuela have been heightened by news that President Hugo Chávez is seeking to withdraw from the International Centre for the Settlement of Investment Disputes (ICSID), a World Bank body charged with resolving legal disputes between international investors. At this stage it is not clear whether this is simply a tactic to boost the government's flagging support levels ahead of next year's general elections, or a signal of something more ominous.

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