tiptrot.com
tiptrot.com July 27, 2017


Move to Re-Write Venezuelan Constitution amid Planned Protests

06 June 2017, 05:31 | Bernice Figueroa

Since 2013, its economy has shrunk 27 percent and its food imports have dropped by 70 percent, the Wall Street Journal reported earlier this year.

"To extend a lifeline of US$2.8 billion to the dictatorship of Nicolas Maduro, Goldman Sachs is now complicit in the repression and the abuses of human rights in our country, that have resulted in more than 50 deaths and thousands of injuries", Borges said in a letter to Goldman Sachs. The government received a loan of around $300 million from the New York-based hedge fund and pledged Venezuelan bonds as collateral, said a person familiar with the deal. The move meant to eliminate a thorn in the side of embattled President Nicolas Maduro was reversed after three days - but its political fallout has now barreled into its third month roiling city streets across the country. We made the investment in part because we believe it will.”. That represents a 31% discount to other Venezuelan securities that mature in 2022, these people said, and implies an annual yield of more than 40%.

Shortly after the meeting, Venezuela's Foreign Minister Delcy Rodriguez stated that the "interventionist bloc in the OAS continue to be defeated by the honorable states of the region", announcing that she herself will attend the OAS general meeting set for June 19-21, in Cancun, Mexico with the support of the people of Central America, the Caribbean, ALBA nations and all of Latin America.

USA officials also said Venezuela's government may not be able to depend much longer on deals like the one with Goldman Sachs.

Tajani spoke about the "brutal reprisal" of the manifestations by the authorities in Venezuela, called the situation "disastrous" and said that "every day a person is dying in the street".

Venezuela is grappling with regular anti-government demonstrations and dozens of people have died in protest-related violence since April.

The investment bank is accused of propping up Nicolas Maduro through its alleged purchase of government bonds.


Maduro has said the protests are a violent effort to overthrow his government, and insists that the country is the victim of an "economic war" supported by Washington.

"It is apparent Goldman Sachs decided to make a quick buck off the suffering of the Venezuelan people", he said.

With Venezuela's inefficient state-led economic model struggling under lower oil prices, Maduro's unpopular government has become ever more dependent on financial deals or asset sales to bring in coveted foreign exchange.

Members of the opposition party have threatened not to honor the bonds or do business with Goldman Sachs if they do come into power.

Borges said the National Assembly will open an investigation into the matter and he will recommend "to any future democratic government of Venezuela not to recognize or pay these bonds". Beke said her mother, Rebecca, lost her battle with cancer previous year.

The Organization of American States is gathering foreign ministers from Western hemisphere countries to "establish a mandate for new diplomatic engagement", according to a senior U.S. State Department official.

With worldwide pressure mounting on Maduro, foreign ministers from the 34-nation OAS bloc met in Washington to debate the situation in Venezuela.



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