Perspective
Markets / Economy
WSJ – Daily Shot: CBOT Soft Read Winter Wheat Futures 7/13
- Things aren’t as bad as they seemed to be…
Real Estate
WSJ – Daily Shot: Real Housing Prices US v Canada 1975-2016 7/14
South America
FT – Venezuela’s crisis drains its foreign reserves – Gideon Long 7/14
- “Venezuela’s foreign reserves have dropped below $10bn for the first time in 15 years as chronic mismanagement, corruption and subdued oil prices continue to batter what used to be the wealthiest country in South America.”
- “The reserves stood at $9.983bn, according to figures published on Friday from the central bank, representing a 77% decrease since January 2009 when they hit a peak of $43bn.”
- “…the fall in the reserves is likely to rekindle fears that Venezuela might default on its debt obligations this year. The state and its oil company PDVSA are due to make capital and interest repayments of $3.7bn in the fourth quarter.”
- “Over the longer term, Venezuela also owes money to Russia, China, the Latin American development bank CAF and to companies that have taken it to court over broken promises and expropriation of assets.”
- “Francisco Rodríguez, chief economist at Torino Capital in New York, says the Maduro government could raise about $14.5bn through a variety of other measures, however.”
- “It could recall loans made to small Caribbean and Central American nations during the Chávez years. Of these, its biggest debtor is Nicaragua, which owes about $2.9bn.”
