What Do Sanctions Mean for Holders of Venezuela’s Debt?

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Javier Coronado, associate attorney at Diaz, Reus & Targ: “Based on the notion that international pressure would soon lead to a new government with which creditors could negotiate payment, investors were seeing Venezuelan bonds as a good deal. However, under the amendments that the U.S. Office of Foreign Assets Control (OFAC) made to its regulations on Feb. 1, first, U.S. persons can no longer purchase any additional bonds.