Venezuela Freight Transport and Shipping Report 2018
BMI View: Venezuela's economy is poised to end 2017 and start 2018 in a perilous state, which will have an adverse effect on all of the freight modes over the next 12 months. In 2018, the country will likely default, despite assistance from Rosneft, which we maintain is likely to spur a change in regime. Between the sovereign and quasi-sovereign obligations, Venezuela owes USD11.1bn between Q417 and 2018, well in excess of the country's reserves. We caution that increased support from Russia remains Venezuela's only realistic path to avoiding default. The economic situation in Venezuela remains parlous. The country may meet its debt obligations in the weeks ahead, though logistical challenges and limited funds may cause delays in payment. In 2018, the country will likely default, despite assistance from Rosneft, which we maintain is likely to spur a change in regime.
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