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Venezuela's default in 2016 ruled out

Economic analyst César Aristimuño added that this situation could also be avoided next year

“The oil price is reaching a balance point,” Aristimuño highlighted (File photo)

06 de junio de 2016 15:35 PM

Actualizado el 06 de junio de 2016 23:11 PM

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Non-payment of foreign debt in 2016 ruled out

The possibility for Venezuela to default on the repayment of international commitments for the rest of the year was ruled out by economic analyst César Aristimuño, who stated that local relevant authorities have the proper mechanisms available to oxygenate the country’s finances.

Aristimuño based his remarks on a research conducted by an economic firm he heads named “Aristimuño Herrera y Asociados”.

“The government is aware that a measure like this could cost a lot (…) Representatives authorized by the Executive Office must be trying to reach an agreement, make a swap, which are attempts under way. The possibility to negotiate special funding with any multilateral body cannot be rejected. The response is to avoid a measure that involves declaring insolvent for the payments, for the government has clearly said that stopping payment is not envisaged,” the expert explained.

The economist further stressed that should oil prices continue climbing, the required balance point could be reached.

“The oil price is hitting a balance point. The growth curve of oil prices in the market stands at around USD 16; the Brent has achieved levels from USD 50 to 60. Should the Brent hit USD 60, the West Intermediate Texas (WTI) could end at USD 50 the second half this year, thus lifting the domestic crude oil basket price. If these forecasts come true, imports are to fall. And if negotiations seeking funding materialize, some negative forecasts for the upcoming year could be made,” he added.  

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