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Thread: Russia hands Venezuela a $6 billion lifeline

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  1. #1
    MW
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    Russia hands Venezuela a $6 billion lifeline

    Russia hands Venezuela a $6 billion lifeline

    Jim WyssMiami Herald
    December 6, 2018

    BOGOTA, Colombia As Washington tries to build an economic wall around Venezuela, President Nicolas Maduro keeps digging tunnels.

    On Thursday, Maduro said that Russia had agreed to invest more than $5 billion in boosting Venezuelan oil production and an additional $1 billion in mining principally for gold.

    After meeting with President Vladimir Putin this week, Maduro said the Russian government and private sector would also invest in Venezuela's diamond sector, bring in new satellite technology and provide some 600 tons of wheat in 2019. In addition, Russia will continue to supply and maintain Venezuela's military arsenal.

    Venezuela has the world's largest oil reserves and is thought to have one of the world's largest gold reserves, but it has been mired in an economic crisis that has led to food and medicine shortages, and the migration of more than three million people in recent years.

    Washington has been using a combination of targeted and systemic sanctions to hamstring Venezuela's economy. Last month, the White House prohibited U.S. residents and citizens from dealing in Venezuela's "corrupt" gold industry a move that was seen as a way to disrupt trade between Venezuela and Turkey.

    Speaking in Moscow, Maduro called the sanctions "illegal from the point of view of international law and criminal from the point of view of humanity."

    He also suggested that Washington's stance was forcing Venezuela and other nations to forge a new path and build a "new world."

    As part of that new world, Maduro said Venezuela would continue to lessen its dependence on the dollar. In particular, Maduro said that, starting next year, Venezuela would gradually only accept the digital currency, Petro, as a means of payment. The Petro is government backed and its value, in theory, is tied to Venezuela's oil and mineral reserves, but it has struggled to become relevant.

    On Thursday, as Turkish President Recep Tayyip Erdogan visited Venezuela, the two nations agreed to unspecified agreements in gold mining and energy production.

    The Russian commitments, if they come through, are a big boost for Maduro who is due to begin a new six year term on Jan. 10.

    More than three dozen nations, including the United States, have said they will not recognize Maduro as a legitimate president in his new term. They say the May election was flawed and mired by fraud. But analysts say the international condemnation is unlikely to move the needle, particularly if Venezuela continues to have the financial support of allies like Russia, China and Turkey.

    "This visit put has us in an advantageous situation for the battle for stability, development and prosperity in the years to come," Maduro said.


    (c)2018 Miami Herald


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  2. #2
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    As expected, Russia attempting to undermine the United States.

    "The only thing necessary for the triumph of evil is for good men to do nothing" ** Edmund Burke**

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    Senior Member Judy's Avatar
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    It's a smart move, it will be good for Russia and Venezuela. Doesn't have anything to do with the US.
    A Nation Without Borders Is Not A Nation - Ronald Reagan
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    Moderator Beezer's Avatar
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    Send all their illegal aliens home!

    No reason to stay here...business will be booming!
    ILLEGAL ALIENS HAVE "BROKEN" OUR IMMIGRATION SYSTEM

    DO NOT REWARD THEM - DEPORT THEM ALL

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    Senior Member Judy's Avatar
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    Exactly.
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    Venezuela is in default, and you may own its debt - Business - CNN.com
    https://money.cnn.com/2017/11/14/inv...01k/index.html
    Nov 14, 2017 - Dozens of U.S. mutual funds and big banks, which invest on behalf of millions of Americans, own portions of the debt.Venezuela was declared in default late Monday by S&P Global Ratings after a 30-day grace period expired for a payment that was due in October. ... Venezuela owes over $60 billion to bondholders.
    NO AMNESTY

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    Senior Member JohnDoe2's Avatar
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    Venezuela faces heavy bill as grace period lapses on China loans
    https://www.reuters.com/...venezuela...bill-as-grace-...

    Apr 27, 2018 - Without the grace period, the amount applied to debt service rises to 375,000 bpd, the sources said. Venezuela and PDVSA are in default on nearly $50 billion in international bonds because they have failed to make more than $2 billion in interest payments.
    NO AMNESTY

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    Venezuela is blaming Trump for missed debt payments

    by Patrick Gillespie @CNNMoney
    October 16, 2017: 12:24 PM ET


    Venezuela didn't pay its bills last week. It also owes a lot more money very soon as it spirals further into chaos.

    The country's government and its state-run oil company missed five small debt payments last week totaling $349 million, according to three experts who closely follow the debt.

    Delayed payments are becoming increasingly common for the country's bondholders. But a new excuse is surfacing: President Donald Trump and the financial sanctions his administration imposed on Venezuela in August.

    The government hasn't commented on why it didn't pay this time but in late September, Venezuela Vice President Tareck El Aissami -- who the Trump administration labeled a drug trafficker -- blamed Trump for a separate delayed payment.

    "We're starting an era where the dictatorship of the 'dollar boss' won't be imposed, and we're ridding ourselves of this supposed threat of Trump," El Aissami said on September 22, according to state-run television VTV.

    This latest delay comes on the heels of gubernatorial elections in Venezuela on Sunday that many in the international community derided as fraudulent.

    President Nicolas Maduro's party won a majority of the states despite private polls that show widespread unpopularity. Several nations, including the U.S., have labeled Maduro a dictator after he essentially kicked his political opponents out of office.

    Related: Venezuela starts 'Plan Rabbit' to solve food shortages

    In late August, the Trump administration barred banks operating in the United States from any transactions involving new Venezuelan debt and some existing bonds. Experts say banks are now hesitant to do any type of business with the regime.

    To be clear, Venezuela President Nicolas Maduro has blamed the U.S. for years for his country's problems. His administration is just tweaking its criticism now.

    Although Venezuela missed the deadline last week, it hasn't entirely defaulted on its debt -- a major problem if or when it happens. The government still has a 30-day grace period to make the payments.

    Bondholders have seen these delays before and they expect the small payment will eventually be made. Some aren't convinced Venezuela is truly running out of money despite its widespread economic and humanitarian problems.

    "Nobody knows how, but they continue paying and they continue [to stay] in power, and it's a sad story," says Diego Ferro, co-chief investment officer at Greylock Capital, a firm that owns Venezuelan debt. "The market is getting used to this sloppiness of handling payments."

    Related: Venezuela's dreams are dying

    Experts surmise there are a few more reasons behind the delay than just the U.S. sanctions. They include: no cash, no organization or that Venezuelan leaders may be waiting for a loan to come through.

    The radio silence from the regime regarding its financial crisis is getting worse, experts add. For example, the National Public Credit Office often tweets when it makes a debt payment. The state-run oil company, PDVSA, also boasts about paying its bills on social media.

    Neither has tweeted about the money due last week.

    "They're trying to hide the fact that they're under financial distress," says Russ Dallen, managing partner at Caracas Capital, a Miami-based firm that does not own Venezuelan debt. Blaming U.S. sanctions is "a dog ate my homework excuse, they have other ways around the situation."

    Related: Trump bars banks from buying new Venezuelan debt

    Venezuelan leaders need to find those other ways soon: Between October 27 and November 2, its entities owe over $2 billion to bondholders. The central bank, which has drained its reserves to make payments, only has $9.9 billion left.

    The country's "ability to pay will more seriously be called into question," on those dates, says Edward Glossop, an economist at Capital Economics who covers Latin America.

    What's worse: Venezuela's only source of income -- oil -- is drying up. Literally. There were only 44 oil rigs in operation in Venezuela as of September. That's down from 81 rigs four years ago, according to Baker Hughes, an oil service provider.


    https://money.cnn.com/2017/10/16/new...ons/index.html



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    U.S. OIL COMPANY COULD FALL TO RUSSIA AS VENEZUELA STRUGGLES TO PAY ITS BILLS

    BY DAMIEN SHARKOV ON 4/11/17 AT 12:23 PM

    A general view of the Amuay refinery complex which belongs to the Venezuelan state oil company PDVSA in Punto Fijo, Venezuela November 17, 2016.CARLOS GARCIA RAWLINS/REUTERS[COLOR=rgba(12, 11, 11, 0.]SHARE


    WORLDU.S.RUSSIAVENEZUELA

    Russia’s state oil company could soon control an energy giant based in Houston, Texas, and U.S. lawmakers are not happy about it.

    “We cannot give [Russian President Vladimir] Putin any opening to affect the flow of oil or toy with Americans’ prices at the pump,” Democratic Sen. Bob Menendez said Monday. “And we cannot play Russian roulette with America’s energy infrastructure. The risk to our national security and our economy is not one I’m willing to take.”

    Menendez spoke during a press conference he held to warn of the possibility that Russia could gain control of Citgo, which has 48 petroleum product terminals in 20 states. Venezuela's state-run oil company owns Citgo and used a 49.9 percent stake as collateral on a loan last year from Russia’s state-run Rosneft.

    Menendez as well as at least two U.S. representatives wrote letters this week to Treasury Secretary Steven Mnuchin warning of how a default would hand Russia the Citgo shares. The oil company controls about 800,000 barrels of the nearly 20 million barrels of petroleum the U.S. uses every day to help fuel its economy, CNN Money reported.





    Senator Bob Menendez
    @SenatorMenendez


    Russian oil giant's potential ownership of CITGO, which runs pipelines&refineries across US, raises red flags 4 national & energy security

    114

    4:31 PM - Apr 10, 2017



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    Venezuela is in dire economic straits at the moment, with its foreign reserves currently worth $10.5 billion, almost a third of what they were worth in 2011. Venezuela’s state-run Petroleos de Venezuela, which has owned Citgo since the 1980s, put up just shy of a 50 percent stake in the company as collateral for a Rosneft loan in December. All Rosneft would need for a majority share would be to buy a few more bonds, thus clearing the threshold.

    “Given Russia’s interference in the U.S. election and ongoing meddling in European elections, not to mention its habit of invading and bullying its neighbors, the last thing the United States should be doing is handing the Kremlin a significant ownership share in a major U.S. energy supplier,” Menendez added.

    https://www.newsweek.com/russia-may-...company-582423

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  10. #10
    MW
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    Quote Originally Posted by Judy View Post
    It's a smart move, it will be good for Russia and Venezuela. Doesn't have anything to do with the US.
    Not true.

    "The only thing necessary for the triumph of evil is for good men to do nothing" ** Edmund Burke**

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