Moody's warns against increasing vulnerability of Venezuela
While the risk analysis firm has found signs of weakness, it keeps stable the forecast of the Venezuelan debt
Moody's, one of the major credit risk and risk analysis firms in the world, has kept "stable" the forecast of the Venezuelan debt, currently at "B2," a "speculative" step under the agency method.
However, the report released in New York and quoted by AFP warns against "the country's foreign increasing vulnerability, due to a clear drop of foreign currency reserves concomitantly with increasing foreign debt."
It also notes "the fast growth of spending and subsequent growth of debt in times of unprecedented high oil prices."
José Vicente Rangel clearly said: "We are not conducting negotiations threatened with a gun in the head." He warned behind closed doors in the midst of the social upheaval occurred during the oil strike in 2002 and 2003. Dissenting Timoteo Zambrano answered back that no other option was available: "The thing is that otherwise, you do not negotiate."