Español

 

Guyana


Trinidad
& Tobago




Very usefull links



PW
Bookstore





News links

AP

AFP

Aljazeera

Dow Jones

Oil price

Reuters

Bloomberg

Views and News
from
Norway

 

 

 

U.S. to continue Venezuela trade band, bondholders on their own -White House

Shawn Thew /shutterstock

Mauricio Claver-Carone, White House Official Rebuffs Venezuela Bondholders on Trade Ban

- Claver-Carone said investors knew risks when they bought bonds
- Creditor group has been lobbying the U.S. to ease trading ban

By Ben Bartenstein / Bloomberg

NEW YORK
Petroleumworld 10 03 2019

A senior Trump administration official told a group of Venezuela creditors last week that restrictions on trading the nation's debt probably won't be lifted until President Nicolas Maduro is out of power.

Mauricio Claver-Carone, the National Security Council's senior director for Western Hemisphere affairs, said at an event in New York that bondholders knew the risks when they bought the notes and it's not the job of the White House to guarantee investments, according to three people in attendance, who requested anonymity because the meeting was private.

Creditors advised by Cleary Gottlieb Steen & Hamilton and Guggenheim Securities have been calling on the Trump administration for months to roll back measures that block U.S. people or entities from buying Venezuelan notes on the secondary market. One concern: As JPMorgan Chase & Co. drops the nation's weight in its benchmark bond indexes to zero, some U.S. investors will be forced to unload the debt . The bondholders say it will wind up owned by foreign hedge funds that are more likely to be litigious in bond restructurings, tying up billions of dollars that could be used to restart the economy.

Claver-Carone, an influential administration official on Venezuela, told the group that the U.S. government lacks evidence to support the argument levied by the ban's critics that Russia, China and Maduro regime insiders could benefit from the sanctions by buying Venezuelan debt at dirt-cheap prices. No one offered him proof of that transpiring. He spoke at an event last Wednesday hosted by Barclays Plc while he was attending the United Nations General Assembly.

The U.S. official told the investors that he expected Maduro out of power soon, although he acknowledged that a political transition could have taken place sooner had the U.S. been more aggressive with its sanctions in the months before National Assembly President Juan Guaido claimed the presidency in January.

Barclays spokesperson Danielle Popper declined to comment. A National Security Council spokesman had no immediate comment.

On Monday, Maduro called for new negotiations with foreign investors on about $60 billion of defaulted debt. He said Vice President Delcy Rodriguez and Economy Vice President Tareck El Aissami will lead discussions with bondholders. Yet investors have been leery about talking with the two sanctioned officials.

 



Story by Stephan Kueffner and Peter Millard from Bloomberg.

bloomberg.com / 10 01 2019

________________________


We invite you to join us as a sponsor.

Circulated Videos, Articles, Opinions and Reports which carry your name and brand are used to target Entrepreneurs through our site, promoting your organization’s services. The opportunity is to insert in our stories pages short attention-grabbing videos, or to publish your own feature stories.

________________________

Copyright© 1999-2019 Petroleumworld or respective author or news agency. All rights reserved.

We welcome the use of Petroleumworld™ (PW) stories by anyone provided it mentions Petroleumworld.com as the source.

Other stories you have to get authorization by its authors. Internet web links to http://www.petroleumworld.com are appreciated.

Petroleumworld welcomes your feedback and comments, share your thoughts on this article, your feedback is important to us!

We invite all our readers to share with us
their views and comments about this article.

Write to editor@petroleumworld.com

By using this link, you agree to allow PW
to publish your comments on our letters page.

Any question or suggestions,
please write to: editor@petroleumworld.com

Best Viewed with IE 5.01+ Windows NT 4.0, '95,
'98,ME,XP, Vista, Windows 7,8,10 +/ 800x600 pixels

Twitter: @petroleumworld1


TOP

Contact: editor@petroleumworld.com,

Editor & Publisher: Elio Ohep/
Contact Email: editor@petroleumworld.com

CopyRight © 1999-2019, Paul Ohep F. - All Rights Reserved. Legal Information

PW in Top 100 Energy Sites

CopyRight©1999-2019, Petroleumworld   / Elio Ohep - All rights reserved

This site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission fromPetroleumworld or the copyright owner of the material.