U.S. Judge Authorizes Seizure of Venezuela’s Citgo

[SuperSalad]

I wonder how far this will go and what will come of it.

U.S. Judge Authorizes the Seizure of Venezuala's Citgo

 

[4WD]

My initial and larger thoughts on this are perfect lock down material …

Strangely enough … the closest gas to me was Shell and it was recently swapped to Citgo with a noticeable decline in sales … very noticeable (including me) …

 

[BMWTurboDzl]

Venezuela borrowed in US Dollars and put CITGO up as collateral. This is what happens when a country cannot borrow in its own currency and consequently inflate away its debt by expanding their money supply (aka United States).

 

[LoneRanger]

IBTL

 

[oil_film_movies]

It'll be OK, Maduro wants to invest in drones now instead anyway.

 

[NHGUY]

Maybe it will get renamed "Cities Service" again once it is repatriated.

 

[SubieRubyRoo]

Whoever penned that article, and the editor, should both be fired. The spelling mistakes are obvious in that article!

 

[CT8]

Seems like the thing to do because of non payment etc.

 

[wdn]

How ironic, and fitting, seeing how Hugo Chavez seized American oil company fields in Venezuela years ago when he nationalized the petroleum industry there. Except the Americans in Venezuela were not welching on their debts, they were just doing business as usual under existing contracts.

 

[PandaBear]

This is why true economic power has to have its own currency, and borrow using its own currency.

Still it is US based asset as collateral with USD debt, so it is kind of like ToysRUs went bankrupt after they default their debt.