Venezuelan Ministry of Finance places 97% of 2012 debt

In July, additional indebtedness for VEB 30 billion (USD 7 billion) was approved for payment of pensions and labor liabilities

The Venezuelan government completed the auction of bonds of the fourth quarter of 2012 (File photo)

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EL UNIVERSAL

Friday November 02, 2012 10:34 AM

The Venezuelan government has speeded up bond issuance and placed 97% of the 2012 total scheduled indebtedness.

According to figures of the Ministry of Planning and Finance, out of the total scheduled indebtedness, which totals VEB 94.5 billion (USD 21.97 billion), bonds worth VEB 91.8 billion (USD 21.38 billion) have been issued until October 26, which represent 97% of total debt.

The Venezuelan Central Government initially estimated indebtedness at VEB 64.5 billion (USD 14.99 billion). However, in July, additional indebtedness for VEB 30 billion (USD 7 billion) was approved for payment of pensions and labor liabilities.

Further, the Central Bank of Venezuela (BCV) informed on Thursday in a press release that the bonds auction program of the fourth quarter of 2012 has ended.

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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."

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