For all the moaning in Venezuela about last Friday’s devaluation (which the most cynical critics were saying was absolutely essential, until it happened, and then it became a disaster), there is at least one group of people who are fairly content with the development: investors in Venezuela’s dollar bonds.
Once again, a move by Venezuela’s socialist government was in lockstep with the interests of those arch-capitalists on Wall Street. Look no further than the reaction of Venezuela’s sovereign bonds on Monday, with benchmark yields falling to a five-year low. Continue reading »
In India, anyone who stands in public rearranging their purse would face a barrage of pleas from all sides. With the upcoming Budget announcement, the Indian government is experiencing much the same phenomenon.
Polish farmers have a debt of thanks to the World Trade Organisation – having joined the WTO last year, Polish food exports to Russia soared in 2012 and are likely to continue growing quickly this year.
By Ali Albazzaz and Mark DeWeaver
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