Venezuela Sells More Argentine Paper

Venezuela has sold a further $300 million of the Argentine paper that it holds. It has now sold $1.4 billion of the $2.5 billion purchased since last year for a total profit of $80 million. Venezuela’s finance minister, Nelson Merentes, has indicated that Venezuela is ready to buy more Argentine bonds, depending on market conditions. Its most recent purchase of the dollar-denominated Boden instruments was at the beginning of March, when it bought $250 million of the bonds. Chávez’s government currently represents the largest foreign investor in the country’s external debt.