Martes, 23 Octubre, 2018

Venezuelan Opposition Threatens Goldman Sachs over $2.8bn Bond Deal

Galeno Paniagua | 01 Junio, 2017, 20:37

The president of Venezuela's opposition-led Congress blasted Goldman for financing "dictatorship" under President Nicholas Maduro after Goldman bought $2.8 billion in bonds issued by state oil company PDVSA at a steep discount.

The investment has caused a political uproar in Venezuela, where opposition forces have taken to the streets to protest the autocratic rule of the nation's unpopular president, Nicolás Maduro.

Yesterday, Julio Borges, President of Venezuela's National Assembly, sent Goldman Sachs Chief Executive Officer Lloyd Blankfein a letter accusing the firm of trying to “make a quick buck off the suffering of the Venezuelan people, ” according to a copy seen by Bloomberg.

The letter added that the Venezuelan Congress will be opening an investigation into the Goldman transaction and he will make a recommendation to any future government that is democratically elected not to recognize or to pay the bonds. Goldman reportedly paid $865 million, or 31 cents on the dollar, for Pdvsa bonds worth $2.8 billion when they mature in 2022.

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Grande, whose fan base is dominated by girls and young women, said she had seen a "beautiful, diverse, pure, happy crowd". Greater Manchester Police tweeted that the man was taken into custody in the suburb of Moss Side.

"Many investors make similar investments daily through mutual funds, index funds and ETFs which also hold PDVSA bonds".

"We express our deepest support and solidarity with the revolutionary people of Venezuela, with its legitimate government and with President Nicolas Maduro, and we are alert and ready to carry out denunciations and solidarity at the worldwide level in defence of the sister Republic of Venezuela and her revolution", the statement concluded.

Venezuela has a financing requirement of $17 billion in 2017 with its Central Bank holding a reserves of just $10 billion.

Venezuela's global reserves rose by $749 million on Thursday and Friday, reaching around $10.86 billion. Meanwhile in Venezuela itself, opposition protesters completed 60 days on the streets as a student march maintained the momentum of a movement calling for the leftist Maduro to hold elections and allow humanitarian aid into a nation struck by widespread hunger and shortages.

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Opposition politicians said at least 89 people were injured when protesters clashed with security forces blocking their way. "It has given support to repression and systematic violations of human rights". "They merely broked [sic] the bonds to Goldman, making Goldman's statement that they "bought the bonds in the secondary market and did not buy them directly from Venezuela" bull**** technical spin".

Another protest was planned for Miami, home to a large community of Venezuelans who have fled the country's economy crisis, on Thursday.

Goldman Sachs' did not respond to Fox News' request for comment about the bond deal.

For its part, Goldman insists that its investment in the state-owned oil company of a government that's plunged its people into political turmoil and economic devastation is extremely ethical. The likes of Paul Singer succeed in part because their computations rely on ethical concerns about as much as they do the color of the paper the bonds come printed on.

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We want to go a long way to doing those things in the community and hopefully play some good rugby. Asked if he would you take a loss to win the tests, Warburton didn't blink an eye.

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