The report notes that in the case of oil there is an arbitration process, the answers were given between 2011 and 2012 and "the Republic will have to honor these payments, and these resources will significantly affect the cash flow outside the country." For this reason it is not excluded that in order to meet these commitments have to resort to bond issues.

What moron is going to buy these bonds?

Venezuelan default looms. Add this to all the other good news we've received on a daily basis over the past years.

As far as Venezuela paying back arbitration claims (which they will undoubtedly lose....just a question of the award amount)...I don't believe they will voluntarily pay a dime.

Will China\Russia be there to bail out Venezuela when sovereign default (think Greece) is at thier doorstep? Of course they will....for a price. All predictable.