Venezuela and Argentina are to launch a bond together, the presidents of both countries announced yesterday, Tuesday, in Caracas. The announcement of the so-called “Bono del Sur” came on the day Venezuela officially joined trade bloc Mercosur as a full member. The bond is due to be launched within the next three months and will reportedly be for $1 billion and is to be the first step towards the creation of a bank of the south to offer regional financing. Some analysts are dubbing the bond a “tropical Brady” as it is effectively a bond guaranteed byVenezuela in the event of default.
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