Titoli di Stato paesi-emergenti VENEZUELA e Petroleos de Venezuela - Cap. 2 (14 lettori)

[GiveMeLeverage]

Government annulled last auction Dicom before impossibility to liquidate currencies
The president of the Dicom Auctions Committee indicated that the measure is due to the "illegal" blockade of the US government against the Venezuelan financial system.

November 22, 2017 12:00 PM
Updated on November 22, 2017 2:56 PM

Government annulled last auction Dicom before impossibility to liquidate currencies

Caracas.- Dicom will not proceed to liquidate the fifteenth auction -on August 31st- nor to natural or legal persons, who were benefited in the adjudication process.

The president of the Committee of Auctions of the Dicom, Pedro Maldonado, alleged that the measure is due to the "illegal blockade imposed unjustifiably and arrogantly by the US Government", which, he said, prevents the performance of the correspondents used by the financial system of Venezuela for the transfer of currency.

"The above described event, among other consequences, results in the impossibility of liquidating in favor of the natural and legal persons that were awarded in auction No. CS-S0.015-17", says part of a communiqué signed by Maldonado and posted on the account in the social network Twitter of the organism.

Similarly, it is reflected that the current exchange rate Dicom is 3,345 bolivars per dollar, which resulted from that last auction.

In a previous message, the agency explained that the Central Bank of Venezuela (BCV) together with the Dicom continue "making arrangements for Deutsche Bank to return the retained currencies."

 

[Jsvmax79]

Maduro: "Si estabilizamos los precios Venezuela se convierte en un paraíso"

 

[Jsvmax79]

Latin American Herald Tribune - Gold Reserve says Venezuela Payments on $1 Billion Expropriation Stuck by Sanctions in Caracas

 

[Jsvmax79]

Venezuela: declarar la bancarrota para ganar presidenciales en 2018

 

[Jsvmax79]

Oposición pedirá cambiar Consejo Electoral en diálogo con Gobierno

 

[angy2008]

Maduro: "Si estabilizamos los precios Venezuela se convierte en un paraíso"

questa è una bella idea, basta cambiare poche cose: corruzione e parassitismo in primis che però son quelli che tengono Maduro ancora in piedi, l'arresto dei vertici di PDVSA non si sà bene se è un segno di cambiamento o una lotta di potere su modello russo

 

[Jsvmax79]

Investors' rights of protection against Venezuela's sovereign debt default - Lexology

 

[Jsvmax79]

The Vulture Watching the Bond House
By
Caracas Chronicles Econ Nerds
-
November 21, 2017
30


The Wall Street Journal’s Anatoly Kurmanaev has great scoop on Venezuela’s ongoing trainwreck of a bond debt restructuring process. The report centers on one David Martínez, the Mexican billionaire whose firm Fintech lent the Venezuelan Central Bank $300 million, pledging a collateral of PDVSA hunger bonds with a notional value four times that amount (and who is therefore set to make a killing, or already made one, if BCV defaults on the loan). He is now working as an advisor to the government. His recommendation? To default in upcoming bond payments (which, of course, do not include payments for the PDVSA bonds he holds as collateral).

The term “conflict of interest” is an epic understatement for the kind of ethical and legal black hole Martínez is in here. This is like an evil mortuary advising you on cancer treatment options:

Billionaire distressed debt investor David Martínez urged Venezuela’s struggling government to default on its bonds days before the country’s surprise announcement to restructure its obligations.

Mr. Martínez, who made his fortune buying cheap defaulted debt and selling it after the restructuring, met in Caracas with the Venezuelan Vice President Tareck El Aissami and other members of the economic cabinet in late October, according to Venezuelan officials with direct knowledge of the matter.

The government sought Mr. Martínez’s advice as it was running out of money and overdue bond payments were piling up. Days after the meeting, President Nicolás Maduro went on state television to say he wanted to restructure the country’s debt. He appointed Mr. El Aissami, who the U.S. sanctioned for alleged drug trafficking, to lead negotiations. Mr. El Aissami denies the allegations.

Mr. Martínez has a vested interest in the outcome of debt talks. His New York-based company Fintech Advisory Inc. received bonds with a face value of $1.3 billion as a guarantee for a $300 million loan to the country in March.”

According to the piece, our VP/drug kingpin Tareck El Aissami (who is not precisely an expert on financial matters not involving white powder) is close to Martínez:

The loan allowed Venezuela to make a crucial bond payment and helped Mr. Martinez earn Mr. El Aissami’s trust, said an official who was involved in the deal. “He has a direct line to the vice president for some time now,” the official said.

Martínez is recommending the government to change PDVSA’s oil shipment scheme to avoid seizures of shipments from holdouts:

Among Mr. Martínez’s proposals to Venezuela’s debt task force, was restructuring oil contracts to give foreign trading companies legal ownership of Venezuelan oil exports, said people with knowledge of the meeting. That, he argued, would protect them from unpaid investors who may try to seize the republic’s assets. Two other people familiar with the meeting’s contents have collaborated their account.

The kicker is that due to the impossibility of the government to undertake any kind of meaningful economic reform because of the disagreements among its many cliques, they ended up on compromising on an incoherent strategy that makes no sense.

Mr. Martínez’s proposals generated a heated discussion in Venezuela’s economic cabinet, said Venezuelan officials, with the government eventually settling on a middle course of muddling through payments as it tries to strike an amicable agreement with the bondholders.

This is an absurd position. People restructure if the alternative is not getting paid. If you guarantee you’ll keep paying, why on earth would anyone agree to restructure? The government’s offer right now amounts to: “I’ll definitely pay you 100. But I think you should voluntarily agree to get paid 80, instead.” Uhhhhhmmmmmmm….

 

[tommy271]

questa è una bella idea, basta cambiare poche cose: corruzione e parassitismo in primis che però son quelli che tengono Maduro ancora in piedi, l'arresto dei vertici di PDVSA non si sà bene se è un segno di cambiamento o una lotta di potere su modello russo

Chiaramente una lotta di potere interno.

 

[tommy271]

Tweet da Solfin:

Comportamiento durante el día, Petróleo #WTI +2,02% $57,98.