MACRO PICTURE

Venezuela’s Complicated Transition

by Lapo Fioretti, Brunello Rosa and Alex Waters

7 March 2019

In this paper we discuss:

• recent political and economic developments in Venezuela;
• the possibility of a regime change in the country;
• the geopolitical implications of the Venezuelan crisis;
• the prospect for a restructuring of the country's debt; and
• other market implications of all the above.

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