Venezuelan gov't places 92% of 2012 debt
Until October 11, the government had placed bonds amounting to USD 20.11 billion
Official figures reveal that bonds worth USD 20.11 billion were issued until October 11, meaning that out of the total scheduled indebtedness (USD 21.97 billion), 92% has already been placed.
The Venezuelan Central Government initially had estimated indebtedness at USD 14.99 billion. Then, additional USD 7 billion were passed by the Venezuelan National Assembly (AN) through the Ancillary Indebtedness Law back in July for payment of pensions and labor liabilities.
Think tank Síntesis Financiera in its report El Tesorero (Treasurer) suggested indirect indebtedness (through bonds guaranteed by the Republic) could take place. Further, debt could be issued through other public bodies, as these operations are not restricted under the Annual Indebtedness Law.
Indeed, the Executive Office adopted legal reforms in order to issue indirect public debt. Securities worth USD 4 billion have been issued through this additional means.
Translated by Andreína Trujillo
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."