Creditors

Cataclysm

Collapse generally comes as a surprise, even to those who predict it.

The IMF Is Not Done Destroying Greece Yet

Austerity is over, proclaimed the IMF this week. And no doubt attributed that to the ‘successful’ period of ‘five years of belt tightening’ a.k.a. ‘gradual fiscal consolidation’ it has, along with its econo-religious ilk, imposed on many of the world’s people. Only, it’s not true of course. Austerity is not over. You can ask many of those same people about that. It’s certainly not true in Greece.

Subprime Pet Rental Company Files For Bankruptcy

Less than two months after Wags made waves around Wall Street with a viral Bloomberg story about the first "subprime" pet rental company, the predatory lender which charged as much as a 70% APR has filed for bankruptcy.

Maduro Preparing To Swap Venezuela's Gold For Dollars

“The national government, through the central bank, is going to try to swap gold held as reserves for dollars to stay in power unconstitutionally,” according to the letter signed by National Assembly President Julio Borges.

World's Biggest Aluminum Producer Faces Default, Warns Of "Dramatic Social Unrest" Without A Beijing Bailout

The world’s biggest aluminum producer, China Hongqiao Group,  is in trouble locked in a feud with its accountant over fraud allegations that have forced it to not only suspend trading of its shares and seek a bailout from Beijing, but to warn of “serious effects” if nothing is done, including “regional systemic financial risks” and “dramatic social unrest.”

Despite "Ruthless Economic War", Venezuela, PDVSA Avoid Default With $2.6 Billion Payment

Bondholders confirmed that Venezuela's state-owned oil company PDVSA made principal and interest payments of $2.2 billion today, avoiding default yet again despite what Vice President Tareck El Aissami called a "ruthless economic war" being waged against the Maduro government. That's the good news, the bad news is that PDVSA has $62 billion more in principal and interest due over the next few years.