Good luck seizing our accounts in China, suckers!

Marianna Párraga has an absolute must-read of a deep dive for Reuters into the PDVSA Default debate. She sees default as likely-but-far-from-a-given, and chronicles PDVSA’s damage-limitation strategies in case October or November witness an “Event“.

It’s hard to pick a pull quote for this one because every graf is so interesting, but this bit really jumped out at me:

PDVSA has taken steps recently to protect itself, including moving the accounts that collect money from its exports to China’s CITIC Bank (601998.SS) from Banco Espirito Santo (BESN.D).

Getting a court order to freeze an account in China would be more difficult than acquiring access to those in the United States.

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