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Will Venezuela Default?

Americas Society / Council of the Americas

February 25, 2016


(Image: Rafael Matsunaga Flickr)

(Video starts at 0:55)

Follow the discussion on Twitter: #VZdefault | @ASCOA

Venezuela boasts the world’s largest proven oil reserves, yet with the steep decline in oil prices the country is in a self-declared state of economic emergency. Its GDP contracted 10 percent in 2015 and inflation hit an estimated 200 percent, while severe shortages of food and medicine worsened. At current oil prices, Venezuela will take in about $20 billion from oil revenues in 2016. But analysts suggest this will not be enough to avoid a credit event, as the country will have to service $10 billion of its debt stock in 2016, while continuing to import basic goods—which totaled $37 billion in 2015.

Americas Society and Council of the Americas will host a conversation with leading experts to discuss the country's financial outlook.


  • Diego Ferro, Co-Chief Investment Officer, Greylock Capital
  • Jaime Reusche, Vice President and Senior Analyst, Sovereign Risk Group, Moody’s Investors Services
  • Martin Schubert, CEO, European InterAmerican Finance
  • Katia Porzecanski, Emerging Markets, Americas, Bloomberg News (moderator) @katiaporzo

Registration: This event is complimentary for all registrants, though prior registration is required.

Event Information: Guillermo Zubillaga | | 1-212-277-8362
COA Corporate Membership Information: Monica Vieira | | 1-212-277-8344
AS Individual Membership Information: Felipe Marin | | 1-212-277-8342
Press Inquiries: Adriana La Rotta | | 1-212-277-8384
Cancellation: Please contact Juan Serrano-Badrena at before 3:00 p.m., Wednesday, February 24.

Diego Ferro

Co-Chief Investment Officer, Greylock Capital

Diego Ferro is co-chief investment officer at Greylock Capital. He joined Greylock in 2009 as a portfolio manager and became a partner in August 2010. He has 21 years of experience working on Wall Street and in banking. Prior to joining Greylock, Ferro was co-head of Latin America Fixed Income Trading and Structuring at Goldman Sachs.

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Jaime Reusche

Vice President and Senior Analyst, Sovereign Risk Group, Moody’s Investors Services

Jaime Reusche is a vice president and senior analyst in Moody's sovereign risk group where he is responsible for analysis and ratings of Latin American sovereigns. Previously, Reusche was a lead analyst for Moody's European sovereigns during the European debt crisis, before refocusing on Latin America. He also worked as a director in Fitch Ratings' sovereigns group covering Latin American credits including Argentina, Chile and Central American countries until 2011.

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Martin Schubert

Founder and CEO, European InterAmerican Finance

Martin Schubert is the founder and CEO of European InterAmerican Finance, known as Eurinam and headquartered in Miami. Schubert is a founding member of Council of the Americas’ U.S.-Venezuelan Business Council, and a steering committee member of the U.S.-Mexico Business Council, and a member of the U.S.-Brazil, Argentine-American, and Venezuelan-American chambers of commerce. He has served as an advisor to several Latin American governments on external debt policy.

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Katia Porzecanski

Emerging Markets, Americas, Bloomberg News

Katia Porzecanski is a reporter for Bloomberg News and covers emerging markets in the Americas. In her current role, she is responsible for writing daily and enterprise coverage of sovereign and corporate debt markets in Argentina, Mexico, and Venezuela; breaking news in credit and foreign exchange markets across Latin America; and developing and maintaining relationships with New York-based sources in these markets. Porzecanski was nominated for Newswomen's Club of New York's Martha Coman Award for Best New Journalist.

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Video: Will Venezuela Default?

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In this podcast, the Moody’s senior analyst says the country has an 80 percent chance of defaulting in 2016....

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