Crisis in Venezuela: the opposition says it will restructure the foreign debt when “legally possible”

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According to specialists, the country is in default, in the order of between 22,000 and 23,000 million dollars, while the consolidated debt amounts to about 175,000 million dollars.

The Venezuelan opposition said it will initiate a process to “orderly and consensual restructuring of the external debt of the public sector “of the Caribbean country” as soon as possible “, noting that the Government of Nicolás Maduro incurs in breach of its obligations.

“The provisional government (the opposition led by Juan Guaidó) and the National Assembly (AN, Parliament) remain engaged, as soon as legally possible, to implement an orderly and consensual restructuring of the external debt of the Venezuelan public sector, “the opposition said in a statement.

Guaidó was recognized as “president in charge” by fifty countries in January 2019, but to date he has not managed to control the governmental and institutional bureaucracy or the Armed Forces, whose leaders publicly declare their loyalty to Maduro and they ignore the opponent’s “orders”.

However, the opposition pointed out in the document that this “interim government” of Guaidó “is the only body with legal authority to sign contracts on behalf” of Venezuela. “The illegitimate regime of Nicolás Maduro does not have this power “, added.

On September 15, Venezuela proposed to the bondholders of the republic and the state companies PDVSA and Electricidad de Caracas agree to “stop” payments of interests and capital, alluding to problems to face the commitments by the economic sanctions of the United States.

The country’s executive vice president, Delcy Rodríguez, said then that the proposal is part of the program that Maduro started in 2017 to restructure the Venezuelan debt, and that creditors will have until October 13 to avail themselves of it.

“Venezuela has always been characterized for giving faithful fulfillment to its payment obligations for foreign debt services, despite the multiform criminal aggression perpetrated against the country, “the official added, reading a statement that, she assured, was sent to the holders.

But the Venezuelan opposition assured that the Maduro government is in “non-compliance” of the services of all bonds issued in US dollars.

“These breaches began in the second and third quarters of 2017 and persist until today,” the opposition continued in the statement.

Likewise, the opposition thanked “understanding” of the majority of the creditors for not initiating “enforcement actions” with respect to the unfulfilled obligations, a measure that they can resort to until 2023, being that “the statutory limitation period”, under the laws of New York – at that the process must compulsorily adhere to – it is 6 years.

The economic expert Jesús Casique told Efe last week that Venezuela is, in practice, in suspension of payments, despite the fact that the Maduro government has not officially declared bankruptcy.

According to the expert, the “default” of Venezuela “is in the order of between the 22,000 and 23,000 million dollarss, while the consolidated debt amounts to about 175,000 million dollars.

This amount is equivalent to 278% of the Venezuelan GDP, if one attends to the figure reported by the IMF for this indicator in the South American country: 62,921 million dollars.

Source: EFE



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