Tag Archives: debt

Oct
14
2011
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In Case You Missed It… Articles Roundup Week of 10/14/11

In this week’s roundup…As Venezuela wonders about its President’s questionable health, Chávez continues his expropriation spree by declaring his intention to seize private properties on the resort islands of Los Roques; after spending $1.5 billion to support Cuba and other allies, Venezuela announces plans to offer $3 billion in bonds in the local market to relieve the country’s growing debt load. Meanwhile, the political landscape for the 2012 election begins to take shape: Henrique Capriles Radonski, the popular Governor of Miranda, announces his candidacy as Chávez circles the wagons, attempting to shore up support among his core political coalition in a boisterous ceremony in Caracas.

Analysis: Chavez cancer saga keeps Venezuela guessing, Reuters

An unexpected phone call interrupts a Venezuelan government ceremony for local athletes broadcast live on state TV. The crowd murmurs in excitement, and ministers smile.

Venezuela’s Caribbean paradise: “expropriate it” says Chávez, Financial Times Blog

In his latest bullish expropriation, Hugo Chávez, Venezuela’s president, has announced his intention to seize properties on the white, unspoiled beaches of Los Roques, a Venezuelan archipelago in the Caribbean popular with high-end tourists from Latin America and the world – who often bring their own yachts.

Chavez opponent launches presidential campaign, The Associated Press

Addressing thousands of supporters in a Caracas stadium, Miranda state Gov. Henrique Capriles vowed to usher in an era of prosperity for Venezuela under the slogan: “There’s a road to the future.”

Silent Treatment: Mimes Enforce Traffic Laws in Venezuela, TIME

A sort of silent shame has cropped up in South American cities, as officials plead with both drivers and pedestrians to obey traffic laws by using the antics of hired mimes. And why not? Nearly everyone looks at a mime, especially when dressed in a brightly colored getup while eagerly making fun of people on the side of a busy street. The latest effort has about 120 mimes on the downtown streets of Venezuela’s capital, Caracas, making a (silent) scene any time a driver or pedestrian disobeys a traffic rule.

Venezuela to Sell $3 Billion of Bonds to Meet Demand for Foreign Currency, Bloomberg

Venezuela will offer $3 billion of bonds in the local market, swelling dollar debt sales this year to $7.2 billion, as the country seeks to finance spending and meet investor demand for foreign currency. The government will sell the 11.75 percent bonds due in 2026 to local investors, who will pay with bolivars at the official foreign-exchange rate of 4.3 bolivars per dollar, according to a statement posted on the Public Credit Office’s website. Credit Suisse Group AG (CSGN) and Evrofinance Mosnarbank SA will manage the sale, the statement said.

Venezuela rejects certain human rights recommendations, CNN International

Venezuela on Tuesday rejected a number of recommendations made by U.N. member countries as part of a human rights evaluation by the world body. Of 148 recommendations made in the Universal Periodic Review by the U.N. Human Rights Council in Geneva, Switzerland, Venezuela accepted 95 of them, and is considering 15 more. But it rejected 38 recommendations that touched on judicial independence, freedom of the press and protection of nongovernmental organizations.

Rapping Chavez Launches Coalition Year Before Vote, Reuters

The 57-year-old socialist leader is convalescing after four rounds of chemotherapy following cancer surgery in June. Yet he managed to dance beside young Venezuelan rappers at the start of a ceremony to launch the “Great Patriotic Pole.”

Venezuela’s Chávez gives $1.5 billion to Cuba and ALBA, Miami Herald

Venezuela spent more than $1.5 billion in three years to finance dozens of projects in Cuba and other allied countries, including airport expansions in Cuba and replacing light bulbs in Bolivia, although the oil producer has amassed massive debt in the last few years to cover its own commitments, according to a Venezuelan government document. Eighty-eight percent of disbursements from January 2007 to May 2010 covered Cuban financial projects, said the document from the Economic Social Development Bank of Venezuela (BANDES), which was obtained by El Nuevo Herald.

 
Jun
10
2011
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In Case You Missed It… Articles Roundup Week of 6/10/11

In this week’s roundup…Venezuelan opposition leaders react to President Hugo Chávez’s successful bid in raising the national debt limit, more fallout from the U.S.-imposed sanctions on PDVSA, opposition candidates get momentum, and the housing crisis continues to be top of mind for Venezuelans.

Venezuelan lawmakers authorize $22.5B in new debt, Associated Press

President Hugo Chavez won approval from legislators Thursday to increase the amount of new debt Venezuela’s government can take on this year to more than $22.5 billion. In December, lawmakers had authorized the equivalent of $12 billion in new debt this year. But Chavez last week requested that the limit be raised about 86 percent. Opposition lawmakers criticized the change, expressing concerns about the government’s growing debt. They said the boost was unjustified at a time when the OPEC member is enjoying higher prices for its oil.

Venezuela’s foreign minister says relations with Washington are ‘frozen’ following sanctions , The Washington Post

Venezuela’s relations with the U.S. are frozen and President Hugo Chavez’s government sees no possibility of improving them after its state oil company was hit with sanctions by Washington, the country’s top diplomat said Sunday.

The US Has Lost Sight Of Its National Interest In Venezuela, Business Insider

According to the U.S. Energy Administration, two months ago the United States total crude oil imports averaged 9,033 thousand barrels per day (tbpd), with the top five exporting countries being Canada (2,666 tbpd), Mexico (1,319 tbpd), Saudi Arabia (1,107 tbpd), Venezuela (930 tbpd) and Nigeria (918 tbpd.) Notice anything odd about this list?

Chávez Foe Sees Imitation as Best Path, Bloomberg

Henrique Capriles Radonski, whose family members own Venezuela’s biggest movie theater chain, is emerging as President Hugo Chavez’s strongest rival in 2012 elections by copying his favorite ploy of lavishing public money on the poor.

Venezuela’s Chávez says OPEC need not pump more oil, Reuters Africa

Venezuela’s President Hugo Chavez on Tuesday said current demand for oil does not justify an OPEC production hike, adding the market was well-supplied. The oil exporters group meets on Wednesday and Gulf Arab members are pushing for an output increase of at least 1.4 million barrels per day.

FACTBOX-Housing among top worries for Venezuelans, Reuters

Venezuela’s housing shortage is a challenge for President Hugo Chavez, a major concern for millions in the South American OPEC member, and one of the issues that could shape next year’s election. With 29 million people, Venezuela is short of 2 million housing units.

 
Jun
3
2011
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In Case You Missed It… Articles Roundup Week of 6/3/11

In this week’s roundup…The housing crisis is the top of mind issue for Venezuelans, as the country copes with soaring inflation and rising debt. Meanwhile, the oil sanctions debate rages on as President Hugo Chávez jokes about his government’s ties to Iran.

FACTBOX-Housing among top worries for Venezuelans, Reuters

Venezuela’s housing shortage is a challenge for President Hugo Chavez, a major concern for millions in the South American OPEC member, and one of the issues that could shape next year’s election. With 29 million people, Venezuela is short of 2 million housing units. Chavez blames past capitalist governments and local businesses for putting profit motives before the needs of society at large.

Chavez to Request $10.5 Billion in Debt Under New Venezuela Law, Bloomberg

Venezuelan President Hugo Chavez said he will send a request to the National Assembly today to issue up to 45 billion bolivars ($10.5 billion) in new bonds this year as part of a special debt law. Of the total, 20 billion bolivars would help pay for 153,000 homes as part of a housing drive, 10 billion bolivars would go to a new job creation program, 10 billion to cover public debt and 5 billion to respond to heavy rains that have damaged homes and infrastructure, Chavez said.

Venezuelans struggle to cope with soaring food prices, inflation tops Latin America, The Washington Post

Soaring food prices are forcing many Venezuelans to change their eating habits, trim their shopping lists and set aside more of their earnings to feed their families. The oil-exporting country is coping with one of the highest inflation rates in the world: 22.9 percent as of last month, and food prices are rising even faster. “It’s gotten 100 percent worse,” said Evelyn Villamizar, a 29-year-old student who is raising a 5-year-old son in a poor barrio of the Venezuelan capital, Caracas. She said she feels “strangled by the prices.”

Hugo Chavez in the U.S. Crosshairs, Foreign Policy

Finally, Hugo Chavez is being held accountable for his reckless efforts to aid and abet Iran’s illegal pursuit of a nuclear capability and evasion of international sanctions. This week, the Obama administration announced it was imposing sanctions on Venezuela’s state oil company PDVSA and the Venezuelan Military Industries Company CAVIM for their illicit dealings with Iran.

US Oil Sanctions Against Venezuela May End Up Helping Chavez, The Wall Street Journal

U.S. sanctions against Venezuela’s state oil company may benefit rather than hurt President Hugo Chavez’s government by providing fuel for anti-U.S. rhetoric as the leftist leader rallies supporters ahead of next year’s presidential elections. Slamming Washington is a timeworn strategy for winning votes in many parts of Latin America, and it could provide a boost to the re-election bid by Chavez, who in his 12 years in power has become the region’s loudest U.S. critic. “Chavez is using [the sanctions] as a weapon to consolidate his base, to put the opposition in an uncomfortable situation and to rally support for his election campaign,” said Anibal Romero, a Caracas-based retired professor of political science. While analysts don’t expect the recent sanctions to have much effect on Petroleos de Venezuela SA, or PdVSA, as the state oil company is known, the reaction from the Chavez government has generated unease among holders of Venezuelan debt, weighing on bonds trading in New York in recent days.

Chavez condemns US sanctions, jokes about missiles, Associated Press

President Hugo Chavez mocked U.S. concerns about Venezuela’s ties with Iran on Tuesday, joking that while his adversaries worry about Iranian-made missiles lining his country’s coast his government is actually erecting windmills there. The socialist leader at first said missiles could be launched at Washington and other U.S. cities, then held up a photograph of windmills along the South American country’s coast, saying “here they are.”