Venezuela Defaults On $750 Million Gold-Backed Swap With Deutsche Bank | WHAT REALLY HAPPENED

Venezuela Defaults On $750 Million Gold-Backed Swap With Deutsche Bank

Somewhere Hugo Chavez, who several years ago successfully repatriated much of Venezuela's gold, is spinning in his grave.

It started in March, when Venezuela's embattled leader Nicolas Maduro defaulted on a $1.1 billion gold-backed loan with Citi, in the process losing several tons of gold placed as collateral by Venezuela’s central bank after the deadline for repurchasing them expired. Now, Bloomberg reports that Venezuela has also defaulted on a gold swap agreement valued at $750 million with Deutsche Bank, prompting the German bank to seize the precious metal which was used as collateral, and close out the contract.

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