Martes, 21 Noviembre, 2017

EU slaps sanctions on crisis-hit Venezuela

Nicolas Maduro Says Venezuala Will Pay Debt Approves Economic Sanctions, Arms Embargo Against Venezuela
Eleena Tovar | 14 Noviembre, 2017, 19:34

Investors eager to be paid back, however, worry that confusion clouds the meeting. But the EU has been divided over whom to target.

President Nicolas Maduro invited investors to Caracas a little more than a week ago while announcing his goal of renegotiating a foreign debt that he said has become impossible to repay because of a U.S. -led financial "blockade" of the socialist-run country. He pointed out that since taking office in 2013, Venezuela has made more than $70 billion in debt payments, including more than $2 billion in the past month.

Derivatives industry association ISDA said on Tuesday it has received a question from investors as to whether the Republic of Venezuela is in default due to a late payment of coupons on sovereign bonds. "Let all creditors be clear".

The move follows Washington slapping punitive sanctions on Caracas after labelling Maduro a "dictator" and as Venezuela scrambles desperately to restructure its debt - estimated at up to $150 billion - to stave off default.

Maduro's persistence in refinancing and restructuring in difficult situations prompted investors to suspect the president was planning to announce a covert default.

Britain sold £1.4 million ($1.83 million) worth of arms to Venezuela between May 2010 and March 2017, according to The Campaign Against Arms Trade, which lobbies to end arms sales to repressive governments.

"The state has fully honored its national and international commitments, especially with regard to external debt service", El Aissami said in a televised broadcast.

Last Thursday, the U.S. imposed financial sanctions on 10 current and former Venezuelan officials because of corruption and abuse of power allegations related to Maduro's crackdown on the opposition.

The arms embargo adds Venezuela to an EU list that includes North Korea and Syria, where European defense companies can no longer do business and to which the sale of any goods deemed as being used for repression are also banned. "There's nothing. Just crickets". British foreign minister Boris Johnson said the EU wanted to "get Mr Maduro to see sense" through the pressure from sanctions.