Venezuela Begins the Restructuring Process of its Foreign Debt

Caracas, 14 Nov. AVN.- Through an announcement, the National Government informed the beginning of the restructuring process of the Venezuelan foreign debt, after the request of the President of the Republic, Nicolas Maduro.

On Monday, members of the Presidential Commission appointed for this task by the President held a meeting with bondholders and creditors at the White Palace in Miraflores, Caracas.

The results of this meeting are expressed in the following statement below.

The Government of the Bolivarian Republic of Venezuela wants to announce the world that today, at the Government Palace of Miraflores, the Refinancing process of the Venezuela's foreign debt began with resounding success, as a strategy to fully comply with our obligations, despite the attempts to prevent this to happen made by the Office of Foreign Assets Control (OFAC), which depends on the Treasury Department of President Trump's Administration, in an attempt to attack the Venezuelan economy and obstruct what has been a constant in the conduct of our Homeland regarding its commitments: we have honored them, despite the difficulties we face and the blockades that they try to perpetrate with malicious intentions.

During the last 36 months, Venezuela has paid 73 thousand 359 million dollars for the concept of Reimbursed Capital and Paid Interests. The increase of the country risk by risk rating agencies is an immediate consequence of each payment and each compliance, which have been deeply inefficient in preventing scandalous financial losses in centers of financial power in the United States, Europe, and Asia, but that are used as an instrument of devious action against our country: we have paid —even though we have always been punctual with our payments, the risk rating agencies, following the pattern of financial blockade undertaken by the Trump Administration, increase the cost of our debt with reports that don't have rigor nor veracity. With this, the US intervene to hinder Venezuela, in its capacity as a good paying and solvent country, access to external financing, common for almost every country in the world.

We qualified this meeting, in which Venezuelan debt holders from Venezuela, the United States, Panama, the United Kingdom, Portugal, Colombia, Chile, Argentina, Japan and Germany participated, as highly positive and very auspicious. This beginning of the refinancing of our debt shall be useful in order to ratify our full intention to proceed with all our commitments, as we have always done, and overcome, through serious, clear and open mechanisms, undertaken in common with our holders, the complexities that have artificially generated those who try to attack our economy and alter the tranquility of our people, from the Trump Administration and their Venezuelan political allies. They haven't achieved these purposes, and they won't do so; the positive climate in which this refinancing process began indicates that we'll move forward and continue to build the Welfare State that Venezuelan people deserve.

14/11/2017 - 05:51 pm