Goldman Sachs caught up in anti-Maduro protests
- Author: Sonia Alvarado Jun 06, 2017,
Jun 06, 2017, 5:32
Besides the NY demonstrations, another protest is planned for Thursday in Miami, home to a large Venezuelan diaspora who have fled the economic and political turmoil engulfing the country.
PDVSA's $4 billion of notes due in 2027 gained 0.5 percent to 39.22 cents on the dollar as of 1:31 p.m.in NY, the highest level in four months.
"If they change because of political regime change ... there can be a bump to the value of ... those bonds if there is a more fundamental opposition coming in, which is what I believe Goldman Sachs is betting on", she said.
According to Reuters, Goldman Sachs acquired the bonds from New York-based investment firm Dinosaur Financial Group.
The comments mark one of the most aggressive critiques of the government of Venezuela's socialist President Nicolas Maduro to date from Videgaray, the former finance minister and close confidant of President Enrique Pena Nieto. "We agree that life there has to get better, and we made the investment in part because we believe it will", the Wall Street bank affirmed. This resulted in a major clash which saw some 60 people getting killed in Caracas and other cities.
"Our goal is to return to full respect for the rule of law, full respect for freedoms of political expression and participation", said Tom Shannon, the U.S. State Department's undersecretary for political affairs, as a group of countries pressed for "urgent action" to ease the crisis.
It affirmed that the government of the South American nation can not use growing aggression as a justification for denying unrestricted guarantees of the human rights of all people. "The problem is that there are only $3 billion of these bonds - so either at least one of the stories is incorrect, or the Venezuela Central Bank recalled the Fintech repo early, or Venezuela and PDVSA made more than $3 billion of this bond".
The National Assembly also approved a motion late Tuesday to petition the U.S. Congress to probe the deal, which lawmakers said will prop up the country's embattled president.
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He challenged the parliament to help "find a peaceful solution to this crisis" and said he would ask its leaders to consider imposing sanctions against select Venezuelan officials, as the United States has done.
Maduro has faced nearly two months of public protests while cutting imports of food and medicine to conserve cash and continue bond payments. For another, its decision to buy the bonds at fire-sale prices was an expression of faith in the Venezuelan people.
Tajani was joined by Julio Borges, president of Venezuela's opposition-led National Assembly.
Mr Borges said he would recommend that any future democratic government "not recognise or pay those bonds".
A meeting of the Organisation of American States to discuss the crisis in Venezuela ended without agreement in Washington on Wednesday.
The South American country announced in April that it would withdraw from the regional body after a majority of its members voted in favour of holding the meeting.
"Little by little", Martínez Yabrudi said, "the countries of the OAS, the countries of the world have realized that they can not be accomplices" to repression.
The new assembly has galvanized Maduro's core support in rural Venezuela and among the poor.