Quico says: We’ve been hearing a lot about this “Bono del Sur” thing. Confused? Here’s how it works:
Basically, the Bono del Sur is a massive give away, a great big piñata. Is it any wonder there was a mad rush to buy them up? That people demanded nine times as many bonds as were on offer?
Just like beef – and for the same reasons – these Windfall Vouchers ended up having to be rationed. Now, ask yourself this: what kind of investor was well positioned to snap them up? Boligarchs with close ties to the ruling clique? Or those on record as dissidents?Caracas Chronicles is 100% reader-supported. Support independent Venezuelan journalism by making a donation.