Venezuelan Ministry of Finance uses public agencies to place debt bonds
New bond issuance at USD 2.3 billion
The Venezuelan Ministry of Finance has adjusted the way public debt should be handled and has announced that it will sell debt bonds to state-owned banks, pension funds and savings funds of the public sector. This is an attempt to speed up the respective bond issue within the framework of additional loans. Additionally, this move increases the funds available during the last few days of the presidential race.
The announcement was made on Monday. The bond issuance will amount to USD 2.3 billion.
The new bond issue will allow the Government to obtain in no time resources to meet payments of pensions and labor liabilities.
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."