Venezuela’s citizens are left holding a bag, one that is saddled with $60 billion dollars worth of debt. Citizens of Venezuela have been buying into bonds due to government policies of subsidizing the purchase of foreign debt by individual investors, Reuters reported in December 2017. Big businesses in the country have also poured money into the bonds, hoping to capitalize
The UK Votes Tomorrow whether to Exit or Stay in the EU; UK Polls are Split Down the Middle In less than 24 hours, the UK will vote whether or not to stay in the European Union or exit the EU. According to the latest EU referendum poll of polls analysis in the Financial Times, 44% in the UK want to remain, 44% want
Status Bump: China’s renminbi joins the dollar, euro, pound and yen as an IMF reserve currency The International Monetary Fund (IMF) announced Monday that the international lender will include the Chinese renminbi, or yuan, in its basket of currencies that make up the Special Drawing Right (SDR), it said in a release. The IMF’s decision will be effective as of
China currency devalues 4.4% in two days Concerns over China’s financial situation continued this week as the country’s central bank pushed the value of the yuan (or renminbi) lower for three consecutive days. Moves by the People’s Bank of China, the country’s central bank, have caused the yuan to shed 4.4% of its value since Tuesday, the largest drop in
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