It is currently Sat Dec 16, 2017 11:31 am

All times are UTC - 6 hours [ DST ]




Post new topic Reply to topic  [ 90 posts ]  Go to page Previous  1, 2, 3, 4
Author Message
PostPosted: Fri Sep 15, 2017 5:23 pm 
Offline
ZS Member
ZS Member
User avatar

Joined: Mon Aug 22, 2005 2:48 am
Posts: 3073
Location: Des Moines, Iowa
Has thanked: 543 times
Been thanked: 148 times
DJPrepper wrote:
Venezuela is ditching the Dollar, that has often been a prelude to some further events :

http://www.zerohedge.com/news/2017-09-15/venezuela-begins-publishing-oil-basket-price-yuan


Venezuela will crash & burn. It will be pure horror.

_________________
Matthew Paul Malloy
Veteran: USAR, USA, IAANG.

Dragon Savers!
Golden Dragons!
Tropic Lightning!
Duty! Honor! Country!


Share on FacebookShare on TwitterShare on TumblrShare on Google+
Top
 Profile  
Reply with quote  
PostPosted: Mon Sep 18, 2017 5:32 am 
Offline
* * * * *
User avatar

Joined: Wed Jan 04, 2012 10:08 am
Posts: 2609
Location: Coastal SC
Has thanked: 268 times
Been thanked: 319 times
MPMalloy wrote:
DJPrepper wrote:
Venezuela is ditching the Dollar, that has often been a prelude to some further events :

http://www.zerohedge.com/news/2017-09-15/venezuela-begins-publishing-oil-basket-price-yuan


Venezuela will crash & burn. It will be pure horror.


*Venezuela is crashing & burning. It is a horror being burdened by the people.

Fixed that for you. :)

_________________
jnathan wrote:
Since we lost some posts due to some database work I'll just put this here for posterity.


Top
 Profile  
Reply with quote  
PostPosted: Mon Sep 18, 2017 7:35 am 
Offline
* * * * *
User avatar

Joined: Wed Feb 10, 2010 8:16 pm
Posts: 11348
Has thanked: 71 times
Been thanked: 574 times
It's kind of like Zimbabwe, without as much Western support for the failure to move full speed ahead. Also there is oil there which allows them to keep the state functioning even when the people starve.

_________________
"Big Thanks - I promise to advance your agenda within the secret and omnipotent councils of the Trilateral Commission"

“No-one likes us, we don’t care.”


Top
 Profile  
Reply with quote  
PostPosted: Mon Sep 18, 2017 5:41 pm 
Offline
*
User avatar

Joined: Tue Aug 22, 2017 1:57 pm
Posts: 53
Has thanked: 0 time
Been thanked: 3 times
Stercutus wrote:
It's kind of like Zimbabwe, without as much Western support for the failure to move full speed ahead. Also there is oil there which allows them to keep the state functioning even when the people starve.


The ditching of the U.S. Dollar for oil trades is an interesting new twist.

Venezuelan oil is tar heavy and not many refineries are set up for it, the closest large scale processing available is in ... the U.S. and that's why despite all the rhetoric the oil has kept going that way.

If they want to sell oil to others, they first need to blend it, and in part that has been done by importing Algerian (lighter) oil, and then re-exporting the combined product to Asia.

In the meantime production continues to drop off due to a lack of investment and mismanagement / politics.

All together a complicated mix.

Why it hasn't completely crashed yet is the big question.


Top
 Profile  
Reply with quote  
PostPosted: Mon Sep 18, 2017 5:55 pm 
Offline
* * * * *
User avatar

Joined: Wed Feb 10, 2010 8:16 pm
Posts: 11348
Has thanked: 71 times
Been thanked: 574 times
China will support them for a while. Since oil is going in to steep decline in importance in china I don't know how long that will be.

_________________
"Big Thanks - I promise to advance your agenda within the secret and omnipotent councils of the Trilateral Commission"

“No-one likes us, we don’t care.”


Top
 Profile  
Reply with quote  
PostPosted: Mon Sep 18, 2017 6:01 pm 
Offline
ZS Member
ZS Member
User avatar

Joined: Mon Aug 22, 2005 2:48 am
Posts: 3073
Location: Des Moines, Iowa
Has thanked: 543 times
Been thanked: 148 times
DJPrepper wrote:
Stercutus wrote:
It's kind of like Zimbabwe, without as much Western support for the failure to move full speed ahead. Also there is oil there which allows them to keep the state functioning even when the people starve.


The ditching of the U.S. Dollar for oil trades is an interesting new twist.

Venezuelan oil is tar heavy and not many refineries are set up for it, the closest large scale processing available is in ... the U.S. and that's why despite all the rhetoric the oil has kept going that way.

If they want to sell oil to others, they first need to blend it, and in part that has been done by importing Algerian (lighter) oil, and then re-exporting the combined product to Asia.

In the meantime production continues to drop off due to a lack of investment and mismanagement / politics.

All together a complicated mix.

Why it hasn't completely crashed yet is the big question.
China was loaning them money for a while. Venezuela was repaying to loans with oil. I haven't heard anything lately about Chinese loans to Venezuela.

_________________
Matthew Paul Malloy
Veteran: USAR, USA, IAANG.

Dragon Savers!
Golden Dragons!
Tropic Lightning!
Duty! Honor! Country!


Top
 Profile  
Reply with quote  
PostPosted: Wed Sep 20, 2017 3:21 pm 
Offline
*
User avatar

Joined: Tue Aug 22, 2017 1:57 pm
Posts: 53
Has thanked: 0 time
Been thanked: 3 times
Looks like they can't pay anymore :

http://www.zerohedge.com/news/2017-09-20/venezuela-bankrupt-caracas-fails-make-interest-sept-15-interest-payment


Quote:
That said, since 2009, Venezuela has borrowed at least $60 billion from China (through the Venezuelan-China fund) in exchange for selling oil at a discounted price. Loans were used to pay foreign manufacturers and repay external debt, such as in 2015. This exchange of good practices persisted as long as oil prices were quite high and Venezuela’s political situation was fairly stable. Since 2016, China has made a strategic move to reduce exposure to Venezuela which resulted in the repatriation of Chinese oil engineers (who filled local labour shortages), the end of financial aid, and reduced oil imports.

In this context, it may be unlikely that Venezuela will be able to count on China for repayment of its loans, which as we said last week, increases the probability of sovereign default in the medium term and may have manifested itself in what may be an event of default in just over three weeks if the Sept. 15 coupon payment grace period expires without the country transferring the required funds.


Top
 Profile  
Reply with quote  
PostPosted: Wed Sep 20, 2017 3:29 pm 
Offline
ZS Member
ZS Member
User avatar

Joined: Mon Aug 22, 2005 2:48 am
Posts: 3073
Location: Des Moines, Iowa
Has thanked: 543 times
Been thanked: 148 times
DJPrepper wrote:
Looks like they can't pay anymore :

http://www.zerohedge.com/news/2017-09-20/venezuela-bankrupt-caracas-fails-make-interest-sept-15-interest-payment


Quote:
That said, since 2009, Venezuela has borrowed at least $60 billion from China (through the Venezuelan-China fund) in exchange for selling oil at a discounted price. Loans were used to pay foreign manufacturers and repay external debt, such as in 2015. This exchange of good practices persisted as long as oil prices were quite high and Venezuela’s political situation was fairly stable. Since 2016, China has made a strategic move to reduce exposure to Venezuela which resulted in the repatriation of Chinese oil engineers (who filled local labour shortages), the end of financial aid, and reduced oil imports.

In this context, it may be unlikely that Venezuela will be able to count on China for repayment of its loans, which as we said last week, increases the probability of sovereign default in the medium term and may have manifested itself in what may be an event of default in just over three weeks if the Sept. 15 coupon payment grace period expires without the country transferring the required funds.

The Iron Lady was right.

_________________
Matthew Paul Malloy
Veteran: USAR, USA, IAANG.

Dragon Savers!
Golden Dragons!
Tropic Lightning!
Duty! Honor! Country!


Top
 Profile  
Reply with quote  
PostPosted: Fri Sep 22, 2017 2:49 pm 
Offline
* * * * *

Joined: Tue Feb 03, 2009 9:32 am
Posts: 4771
Location: In the Middle East, for my sins.
Has thanked: 229 times
Been thanked: 169 times
MPMalloy wrote:
DJPrepper wrote:
The Iron Lady was right.

I miss Maggie...

_________________
“Political tags – such as royalist, communist, democrat, populist, fascist, liberal, conservative, and so forth – are never basic criteria. The human race divides politically into those who want people to be controlled and those who have no such desire.” Robert A. Heinlein


Top
 Profile  
Reply with quote  
PostPosted: Fri Sep 22, 2017 3:48 pm 
Offline
*
User avatar

Joined: Tue Aug 22, 2017 1:57 pm
Posts: 53
Has thanked: 0 time
Been thanked: 3 times
LowKey wrote:
MPMalloy wrote:
DJPrepper wrote:
The Iron Lady was right.

I miss Maggie...


Image


Top
 Profile  
Reply with quote  
PostPosted: Fri Oct 27, 2017 11:51 am 
Offline
ZS Member
ZS Member
User avatar

Joined: Mon Aug 22, 2005 2:48 am
Posts: 3073
Location: Des Moines, Iowa
Has thanked: 543 times
Been thanked: 148 times
From CNBC: Venezuela oil giant's 'radio silence' before a $1 billion debt payment is freaking out the market
Quote:
Venezuela oil giant's 'radio silence' before a $1 billion debt payment is freaking out the market

Venezuela's state-owned oil company has not issued a statement on a major debt payment one day before it comes due.

Bonds issued by the firm, PDVSA, and the Venezuelan government fell as the "radio silence" rattled the market.

PDVSA bondholders reported receiving only one of two interest payments they were expecting, sowing confusion about the firm's ability to pay.

By Tom DiChristopher | @tdichristopher Published 10 Hours Ago Updated 4 Hours Ago CNBC.com

Concern spread through the market on Thursday as Venezuela's state oil company offered no sign that it will make a critical debt payment due Friday ( Friday, 27 October, 2017).

Bonds issued by Petroleos de Venezuela SA and the Venezuelan government rallied just two days earlier on a report that the oil giant, also known as PDVSA, had made good on two overdue bond payments and had approved Friday's nearly $985 million debt payment.

But by Thursday, PDVSA had not issued a press release or tweeted to confirm the news, as it typically does. Multiple sources also said only one of the two overdue debt payments had been paid.

"PDVSA and the government have been quiet, very quiet on it," said Raymond Zucaro, chief investment officer at emerging markets investment firm RVX Asset Management.

"The radio silence is deafening," he told CNBC.

Sen. Marco Rubio: Venezuela is 'incompetent, dictatorial' and its moment is coming 9:02 AM ET Tue, 24 Oct 2017 | 00:36

The Friday payment is backed by a 50.1 percent stake in PDVSA's Houston-based refiner Citgo and has no grace period. That means Venezuela could lose control of a crown jewel of its lifeblood energy industry if it defaults. President Nicolas Maduro has clung to power despite a full-blown economic crisis, but a default is seen as hastening the demise of his regime.

Investors are doubly concerned about the Friday payment because PDVSA owes another $1.2 billion in principal and interest on another bond on Nov. 2.

"If they default, that means they're defaulting on everything," said Russ Dallen, managing partner at Caracas Capital Markets, which runs the Venezuela Opportunity Fund.

On Thursday, PDVSA's 2017N bond fell 5.1 points, to 89 cents on the dollar, while Venezuela's 2019 bond dropped 3.1 points, to 43 cents on the dollar, according to Reuters.

PDVSA has missed seven interest payments totaling $586 million this month, though they have 30-day grace periods. On Tuesday, macroeconomic research firm Ecoanalitica reported that PDVSA would make two interest payments for bonds maturing in 2027 and 2037.

@ecoanalitica: #BreakingNews Venezuela's government recently paid the interests corresponding to PDVSA 27 and 37 bonds due to oct 12

@ecoanalitica: #BreakingNews The funds regarding the PDVSA 20 (capital + interests) is already approved, so it should become efective by friday

Dallen said several of his firm's clients had been paid interest on the 2037 bonds but had not received the interest payments on the 2027 bonds. Several traders told Reuters the same.

That raised concerns that U.S. sanctions imposed earlier this year on Venezuela are creating technical problems getting money to bondholders.

However, PDVSA likely wouldn't have been able to make either payment if sanctions-related problems were the issue, according to Dallen. He said he was concerned because the interest payment PDVSA made was a relatively small $41 million.

"Of all seven bonds they had to pay, that was the cheapest," he said. "It's starting to look like there may be something else wrong."

_________________
Matthew Paul Malloy
Veteran: USAR, USA, IAANG.

Dragon Savers!
Golden Dragons!
Tropic Lightning!
Duty! Honor! Country!


Top
 Profile  
Reply with quote  
PostPosted: Mon Oct 30, 2017 6:23 pm 
Offline
* * *
User avatar

Joined: Mon Feb 21, 2011 12:20 am
Posts: 647
Has thanked: 51 times
Been thanked: 54 times
A small update...

http://www.pdvsa.com/index.php?option=com_content&view=article&id=8482:pdvsa-demonstrates-strong-operational-and-financial-capacity-by-paying-2020-bond&catid=10:news&Itemid=908&lang=en

Quote:
PDVSA DEMONSTRATES STRONG OPERATIONAL AND FINANCIAL CAPACITY BY PAYING 2020 BOND

Friday, 27 October 2017

Caracas.- Petróleos de Venezuela, S.A. (PDVSA) shows again its strong operational and financial capacity through the payment of principal to bondholders of PDVSA 2020 with a coupon of 8.5%, as Bolívar’s homeland continues to strengthen financially.

PDVSA confirms its full solvency and capacity to meet its commitments, despite the economic war, unjustified imposition of sanctions by Donald Trump, and the sabotage, persecution and financial blockade to which the Republic and its institutions have been subjected by a significant portion of the international financial system as commanded by imperialism.

Notwithstanding the illegal and illegitimate sanctions and the open hostile attitude of financial blockade, PDVSA announces that bank transfers have already begun for the payment of principal of PDVSA 2020 Bond for a total amount of USD 841.88 million to the accounts at J.P. Morgan bank.

The Bolivarian Republic of Venezuela, through PDVSA, has consistently honored its obligations, thus proving wrong the doomsayers that bet on the economic ruin of the country and attack the Venezuelan people, conspiring with the world economic oligarchy, with the intention of destabilizing and attempting to sabotage the economic progress of the Bolivarian Government.

PDVSA, as a leading company in the development of the national economy, thus ratifies its responsibility to investors, the international community and the Venezuelan people, demonstrating with facts that the Siembra Petrolera Plan introduced by Commander Chávez is the instrument to promote the construction of a new economic model that is more equitable, balanced and sustainable to combat poverty and social exclusion.

_________________
Shiney side out... Shiney side out...


Top
 Profile  
Reply with quote  
PostPosted: Mon Oct 30, 2017 8:16 pm 
Offline
ZS Member
ZS Member
User avatar

Joined: Mon Aug 22, 2005 2:48 am
Posts: 3073
Location: Des Moines, Iowa
Has thanked: 543 times
Been thanked: 148 times
Dabster wrote:
A small update...

http://www.pdvsa.com/index.php?option=com_content&view=article&id=8482:pdvsa-demonstrates-strong-operational-and-financial-capacity-by-paying-2020-bond&catid=10:news&Itemid=908&lang=en

Quote:
PDVSA DEMONSTRATES STRONG OPERATIONAL AND FINANCIAL CAPACITY BY PAYING 2020 BOND

Friday, 27 October 2017

Caracas.- Petróleos de Venezuela, S.A. (PDVSA) shows again its strong operational and financial capacity through the payment of principal to bondholders of PDVSA 2020 with a coupon of 8.5%, as Bolívar’s homeland continues to strengthen financially.

PDVSA confirms its full solvency and capacity to meet its commitments, despite the economic war, unjustified imposition of sanctions by Donald Trump, and the sabotage, persecution and financial blockade to which the Republic and its institutions have been subjected by a significant portion of the international financial system as commanded by imperialism.

Notwithstanding the illegal and illegitimate sanctions and the open hostile attitude of financial blockade, PDVSA announces that bank transfers have already begun for the payment of principal of PDVSA 2020 Bond for a total amount of USD 841.88 million to the accounts at J.P. Morgan bank.

The Bolivarian Republic of Venezuela, through PDVSA, has consistently honored its obligations, thus proving wrong the doomsayers that bet on the economic ruin of the country and attack the Venezuelan people, conspiring with the world economic oligarchy, with the intention of destabilizing and attempting to sabotage the economic progress of the Bolivarian Government.

PDVSA, as a leading company in the development of the national economy, thus ratifies its responsibility to investors, the international community and the Venezuelan people, demonstrating with facts that the Siembra Petrolera Plan introduced by Commander Chávez is the instrument to promote the construction of a new economic model that is more equitable, balanced and sustainable to combat poverty and social exclusion.

I just ate so I'm trying not to vomit.

_________________
Matthew Paul Malloy
Veteran: USAR, USA, IAANG.

Dragon Savers!
Golden Dragons!
Tropic Lightning!
Duty! Honor! Country!


Top
 Profile  
Reply with quote  
PostPosted: Fri Nov 17, 2017 12:33 am 
Offline
ZS Member
ZS Member
User avatar

Joined: Mon Aug 22, 2005 2:48 am
Posts: 3073
Location: Des Moines, Iowa
Has thanked: 543 times
Been thanked: 148 times
From CNBC: Venezuela fails to pay on sovereign bonds, industry group says
Quote:
Venezuela fails to pay on sovereign bonds, industry group says

Venezuela's delayed payments on its sovereign debt and bonds issued by state oil giant Petroleos de Venezuela constitutes a failure to pay "credit event," the International Swaps and Derivatives Association determined on Thursday.

That means holders of so-called credit default swaps can cash in on the derivatives.

By Tom DiChristopher | @tdichristopher Published 4 Hours Ago CNBC.com

A securities committee has paved the way for investors who bought insurance against a Venezuelan debt default to collect on the policies.

Venezuela's delayed payments on its sovereign debt and bonds issued by state oil giant Petroleos de Venezuela constitutes a failure to pay "credit event," the International Swaps and Derivatives Association determined on Thursday.

The determination that a credit event had occurred, made by an ISDA committee of 15 financial firms, was unanimous. It means holders of so-called credit default swaps can cash in on the derivatives.

Credit default swaps are typically purchased by bondholders who want protection in the event that the debt issuer defaults. They are also purchased by investors who believe a default will occur and want to profit from the credit event.

There is about $1.3 billion in outstanding credit default swaps for Venezuelan sovereign debt and about $250 million for PDVSA, as the state oil company is known, according to Caracas Capital.

Last month, Venezuela started skipping several interest payments in the lead-up to two critical principal payments totaling nearly $2 billion.

The 30-day grace period on the interest payments ended this week. Questions have also lingered over whether PDVSA had defaulted on $1.1 billion in principal due Nov. 2 because some bondholders did not receive their payment within three business days of the due date.

It was not immediately clear which notes triggered the credit event. ISDA said it would offer more details on Monday.

An auction that will determine how much credit default swap holders will be paid is also scheduled for Monday.

By Tom DiChristopher CNBC Energy Reporter

_________________
Matthew Paul Malloy
Veteran: USAR, USA, IAANG.

Dragon Savers!
Golden Dragons!
Tropic Lightning!
Duty! Honor! Country!


Top
 Profile  
Reply with quote  
PostPosted: Fri Nov 17, 2017 2:07 pm 
Offline
ZS Member
ZS Member
User avatar

Joined: Thu Jun 04, 2015 3:56 pm
Posts: 964
Location: Possum Kingdom, East Coast
Has thanked: 2295 times
Been thanked: 185 times
Image

_________________
It's not what you look at that matters, it's what you see.
Henry David Thoreau


Top
 Profile  
Reply with quote  
PostPosted: Sun Dec 03, 2017 7:32 pm 
Offline
ZS Member
ZS Member
User avatar

Joined: Mon Aug 22, 2005 2:48 am
Posts: 3073
Location: Des Moines, Iowa
Has thanked: 543 times
Been thanked: 148 times
From ABC (Australia): Venezuela's Nicolas Maduro to launch oil-backed cryptocurrency to combat US financial 'blockade'
Quote:
Venezuela's Nicolas Maduro to launch oil-backed cryptocurrency to combat US financial 'blockade'

Venezuelan President Nicolas Maduro has said his country will launch a cryptocurrency to combat a US-led financial "blockade", although he provided few clues about how the economically crippled OPEC member would pull off the feat.

"Venezuela will create a cryptocurrency … the 'petro', to advance issues of monetary sovereignty, make financial transactions and overcome the financial blockade," Mr Maduro said during his weekly televised broadcast.

The digital currency will be backed by Venezuelan reserves of gold, oil, gas and diamonds, he said during the near five-hour show, which included traditional Christmas songs and dancing.

"The 21st century has arrived!" Mr Maduro added to cheers, without providing specifics about the currency launch.

Opposition leaders scorned the announcement, which they said needed congressional approval, and some cast doubt on whether the digital currency would ever see the light of day in tumultuous Venezuela.

"It's Maduro being a clown. This has no credibility," opposition politician and economist Angel Alvarado said.

Still, the announcement highlights how US sanctions this year are hurting Venezuela's ability to move money through international banks.

Mr Maduro's move away from the US dollar comes after the recent spectacular rise of bitcoin, which has been fuelled by signs that the digital currency is slowly gaining traction in the mainstream investment world.

Cryptocurrencies typically are not backed by any government or central banks.

Bitcoin already has a strong following among tech-savvy Venezuelans looking to bypass dysfunctional economic controls to obtain dollars or make internet purchases.

Venezuela's traditional currency, meanwhile, is in freefall.

Currency controls and excessive money printing have led to a 57 per cent depreciation of the bolivar against the dollar in the last month alone on the widely used black market.

For the millions of Venezuelans plunged into poverty and struggling to eat three meals a day, Mr Maduro's announcement is unlikely to bring any immediate relief.

Economists and opposition leaders say the leftist Mr Maduro, a former bus driver and union leader, has recklessly refused to overhaul Venezuela's controls and stem the economic meltdown.

He could now be seeking to pay bondholders and foreign creditors in the currency amid a plan to restructure the country's major debt burden, opposition leaders said, but the plan is likely to flop.

Reuters

_________________
Matthew Paul Malloy
Veteran: USAR, USA, IAANG.

Dragon Savers!
Golden Dragons!
Tropic Lightning!
Duty! Honor! Country!


Top
 Profile  
Reply with quote  
PostPosted: Sun Dec 03, 2017 7:39 pm 
Offline
ZS Lifetime Member
ZS Lifetime Member
User avatar

Joined: Mon Jul 13, 2009 5:24 pm
Posts: 8122
Location: Gulf Coast, AL
Has thanked: 125 times
Been thanked: 245 times
Venezuela soccer coach fired after denouncing malnutrition

https://www.usatoday.com/story/sports/soccer/2017/11/29/venezuela-soccer-coach-fired-after-denouncing-malnutrition/108123672/


CARACAS, Venezuela (AP) — The coach of Venezuela's under-20 women's national soccer team has been fired after claiming that his players were suffering from malnutrition in the crisis-wracked nation.

The Venezuelan Soccer Federation said in a statement Tuesday that it was firing Kenneth Zseremeta because of the squad's poor on-the-field performance. Despite being favored to win, the team finished third out of five at the Bolivarian Games this month in Colombia.

After the competition, the Panamanian-born Zseremeta praised the players for their on-field grit in the face of what he described as a "tremendously" poor state of nutrition.

"When they give me the test results showing malnutrition, I start to tear up," Zseremeta said in remarks broadcast on Globovision.

The comments touched a nerve among Venezuelans who are struggling to feed themselves as the oil-rich economy craters under triple-digit inflation and widespread food and medicine shortages. But Venezuelan soccer authorities dismissed the idea, saying that top-flight players like the women on the national squad are largely insulated from the country's food crisis and eat five meals a day when training for competitions.

At least seven players on the team suffered from either malnutrition or were at nutritional risk, according to an undated medical report allegedly prepared by Venezuela's sports ministry and published by local newspaper El Nacional. The Associated Press was unable to verify the authenticity of the report.

_________________
whisk.e.rebellion wrote:
It's not what you say anymore. It's how you say it.



Image ............................................................................................................................................................................................Image


Top
 Profile  
Reply with quote  
PostPosted: Thu Dec 07, 2017 1:10 pm 
Offline
ZS Member
ZS Member
User avatar

Joined: Mon Aug 22, 2005 2:48 am
Posts: 3073
Location: Des Moines, Iowa
Has thanked: 543 times
Been thanked: 148 times
From Reuters: Venezuela's Ramirez attacks efforts to link him to corruption
Quote:
Venezuela's Ramirez attacks efforts to link him to corruption By Marianna Parraga

HOUSTON (Reuters) - Venezuela’s former oil czar Rafael Ramirez said on Wednesday the government would make one of its “worst political moves” if investigators target him in an anti-corruption purge, which is gaining traction ahead of the country’s 2018 presidential election.

Friction between Ramirez and President Nicolas Maduro reflect growing rifts in the Socialist Party once firmly united under late Venezuelan leader Hugo Chavez. This comes amid a deep economic recession and financial sanctions imposed by the United States on what it considers a “dictatorship.”

Ramirez, who spoke with Reuters from an undisclosed location after being pushed out last week as Venezuela’s ambassador to the United Nations, said he is waiting for the right time to return to his country.

The 54-year-old engineer also said he has not yet decided if he will launch a run in the 2018 Venezuelan presidential election, in which Maduro is expected to seek another term.

Ramirez, who led state-run oil company PDVSA for a decade under Chavez, said he has not been approached by Venezuelan or U.S. prosecutors investigating corruption cases linked to PDVSA and its subsidiaries. Some of those probes focus on incidents that occurred under his watch as one of Chavez’ longest serving officials.

“I have not been involved in any act of corruption. I have been very careful to follow internal control mechanisms,” he said.

Thus far, the expanding corruption probe by the state prosecutor’s office has resulted in authorities accusing over 100 people, including two former PDVSA presidents who also served as oil ministers under Maduro.

Ramirez said he is prepared to fight back if investigators target him or his close family, some of whom served as advisors of the Venezuelan government in international arbitration cases.

“That scenario would be offbeat. Who aims to attack my family is going to find me,” he said. He added that he trusts Venezuelan institutions will confirm his family members have faithfully served Venezuela, not charging the government for their work.

One of Ramirez’s relatives, Diego Salazar, was detained last week under accusations of corruption and money laundering.

Still, Ramirez said accusations from corruption scandals should not be taken lightly because they hurt PDVSA’s reputation and its ability to recover from a deep production decline. The country’s oil output has fallen this year to its lowest level in almost three decades, down 1 million barrels per day from its 2013 level.

But he also criticized the government’s focus on PDVSA in its corruption accusations, while excluding public institutions that oversaw a long-standing currency control system used to convert and distribute billions of dollars coming from exports.

The company should be investigated without subjecting its employees to a “moral lynching,” he said. “I will believe that a corruption probe is genuine when it includes the whole Venezuelan economy.”

Ramirez in 2014 submitted an economic plan to the government before moving to his position in the United Nations. But no action was taken due to the central government’s lack of confidence in him, he said.

In the following years, the government’s failure to take needed actions, which also has been criticized by analysts and the opposition, have led to a greater financial instability, spiraling inflation and mounting debt, which Maduro is now struggling to restructure.

“Economic action has to be taken with urgency,” he said. A lack of motivation among PDVSA’s workers, delayed crude output due to infrastructure problems and a very low currency exchange rate impacting PDVSA’s cash flow also have to be addressed, he said.

Reporting by Marianna Parraga; editing by Ernest Scheyder and Diane Craft

_________________
Matthew Paul Malloy
Veteran: USAR, USA, IAANG.

Dragon Savers!
Golden Dragons!
Tropic Lightning!
Duty! Honor! Country!


Top
 Profile  
Reply with quote  
Display posts from previous:  Sort by  
Post new topic Reply to topic  [ 90 posts ]  Go to page Previous  1, 2, 3, 4

All times are UTC - 6 hours [ DST ]


Who is online

Users browsing this forum: No registered users and 2 guests


You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum

Search for:
Jump to:  
Powered by phpBB® Forum Software © phpBB Group