Deep DiveOctober 1, 2026
The Anchor
Money, reserves and the currency question in Venezuela's restructuring: the central bank's balance sheet, the choice between a repaired bolívar, a currency board and formal dollarisation, what a conversion does to bolívar wages, deposits and claims, and why the monetary anchor is the next thing that will move creditor recoveries.
Last week's installment, No. 32, ended on a sentence it did not have room to defend. The budget is running a cash deficit financed by the central bank, we wrote, and whatever monetary anchor Venezuela eventually adopts, the first thing it does is close that channel. This installment is the defence.