VENEZUELA DRIVES BANKERS CRAZY
Ask any international debt rescheduler which Latin American country has given him most grief in the last four years and the answer is likely to be Venezuela.
Argentina can be obstinate at times. Peru’s Alan Garcia revels in his reputation as the enfant terrible of Third World debt. And Mexico taxes the ingenuity of its lenders to the full.
But nobody has driven banks to distraction like Venezuela. “They’re just a dreadful bunch. I can’t understand why anyone would want to do business with them unless they had to,’ one seasoned rescheduler moaned.
The bitterness flows from 3 1/2 years of arduous negotiations over a multi-year debt rescheduling agreement.
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