> If oilco does default, great, you have ample of collateral in tankers and other tangible assets you might be able to recover, so the recovery rate will be higher than the 30 cents that Goldman paid on the dollar. Also, whatever happens with the venezuelan government, the new government will also want to have a functional oilco.

I don't think that's the case simply because if it were that safe a bet the bonds wouldn't be trading at such a huge discount. It's the inherent risk that the government won't pay the bonds that enable them to trade at a discount. The bet is that the government won't default because if they did they would have a very hard time convincing people to buy bonds again in the future.