Venezuela Sucking up Chinese Cash

[Manonthestreet]

you would think a revolutionary would know revolutionaries cant be trusted ..........
Venezuela: China's Sinopec sues oil company PDVSA over unpaid bills
Venezuela and PDVSA owe more than $60 billion just to bondholders. In total, the country owes $196 billion, according to a paper published by the Harvard Law Roundtable.

China's state banks loaned $60 billion to Venezuela between 2007 and 2016, and the lawsuit is just the latest sign that Beijing is growing impatient with the embattled South American country.

Sinopec doesn't hold back in its complaint, slamming PDVSA for its "disingenuous nature [and] feigned promises to make full payment."

 

[Bleipriester]

Read here:
Russian loan conversion gives Venezuela leeway to deal with the crisis

 

[Manonthestreet]

So past leeway......over the Falls in freefalll

 

[waltky]

Venezuela's massive currency devaluation is a 'scam'...

Venezuela's massive currency devaluation is a 'scam' — and does 'nothing' to ease its economic crisis, analysts say

• 20 Aug.`18 - In a radical attempt to end a prolonged period of economic turmoil in the oil-rich, but cash-poor nation, Venezuelan President Nicolas Maduro announced Friday that his socialist administration would issue new banknotes after lopping five zeroes off the beleaguered bolivar.
  [*]"I want the country to recover and I have the formula. Trust me," Maduro said in a speech broadcast on state television Friday evening.
  [*]The International Monetary Fund (IMF) has predicted inflation in the country will exceed 1 million percent this year.

• [*]A major currency overhaul in Venezuela is due to come into effect Monday, with critics of the move fearful it will exacerbate hyperinflation in the crisis-stricken country. In a radical attempt to end a prolonged period of economic turmoil in the oil-rich, but cash-poor nation, Venezuelan President Nicolas Maduro announced Friday that his socialist administration would issue new banknotes after lopping five zeroes off the beleaguered bolivar. The move effectively devalues Venezuela's currency by around 96 percent, with the bolivar set to go from about 285,000 per dollar to 6 million. Other measures announced in Maduro's speech to the nation last week included highly-subsidized gas prices, a higher corporate tax rate and a massive minimum wage increase.
  
  Economists say that by introducing the proposed measures, Maduro's administration is only likely to make matters worse. Caracas' cash-strapped government has recently defaulted on its bondholders and is currently facing the prospect of further U.S. sanctions.
  
  Luis Vicente Leon, president of the Caracas-based pollster Datanalisis, said Venezuela's latest package of economic measures is likely to cause major problems for domestic businesses. "The transition to apply the concrete elements of the proposal: exponential increase in salaries, massive requests for advancement of benefits and increase and change of frequency of tax payments puts companies in a situation of catastrophic cash flow," Leon said in a tweet posted on Friday.
  
  
  'Trust me'
  Venezuela's revamped currency — set to be named the sovereign bolivar in order to distinguish it from the strong bolivar — will also be pegged to the country's widely discredited petro cryptocurrency. "I want the country to recover and I have the formula. Trust me," Maduro said in a speech broadcast on state television Friday evening. "They've dollarized our prices. I am petrolizing salaries and petrolizing prices … We are going to convert the petro into the reference that pegs the entire economy's movements," he added.
  
  
  [*]
  The Venezuelan economy is heavily dependent on oil exports which once made the country very rich. It's said to have the largest proven oil reserves in the world. Oil leaving the country accounts for about 90 percent of its total exports. When oil prices began to collapse in 2014, the cash received by Caracas dropped significantly — bringing new economic challenges. To be sure, the International Monetary Fund (IMF) has predicted inflation in the country will exceed 1 million percent this year.
  
  
  'In reality, nothing changes'

 

[waltky]

See also:

Residents of Brazil Border Town Attack Camps for Venezuelan Migrants
Aug. 19, 2018 — Residents of a border town in northern Brazil that has become a main entry point for Venezuelans seeking refuge destroyed migrant camps over the weekend in one of the most dramatic instances of a backlash to the Venezuelans’ growing presence there.

After squatter camps in the border town of Pacaraima came under attack on Saturday, as many as 1,200 Venezuelans who feared for their safety rushed back into the country they had fled, military officials said. The unrest in the main municipality along the border between Brazil and Venezuela began after the family of a local merchant told the authorities that he had been assaulted by a group of Venezuelans on Friday night, according to residents and officials. The authorities said on Sunday that the assailants’ identity and nationality had not been confirmed.

Venezuelans waited at a bus terminal in Santa Elena, Venezuela, on Sunday after being expelled by Brazilians from a border control point in the northern Brazil town of Pacaraima.​

On Saturday morning, residents of Pacaraima took to the streets to protest the toll the surge of migrants has taken on their quality of life. They blamed government officials for doing too little to manage the influx. “The aim was not to target Venezuelans, but rather to decry the absence of the state in our town,” said João Kleber Soares Borges, 38, a member of the Commercial Association of Pacaraima. “It’s inconceivable that there is so much money to address the migration issue but there’s no money to help us.”



At one point, some protesters, with bullhorns in hand, began chanting against Venezuelans, and a peaceful protest devolved into an impromptu assault on the migrants’ dwellings, according to videos shot by residents that were collected by Érica Figueredo, a local television journalist. Some demonstrators burned tents. One man used a bulldozer to tear down an informal shelter as local residents cheered in support. Panicked Venezuelans bundled their belongings in bags and lined up at the border crossing to head back to their country. At one point, some Venezuelans ran for the hills as Brazilians chased them.

Venezuelans waited on Sunday at a bus terminal in Santa Elena, Venezuela, after being expelled by civilians from the Pacaraima border control point in northern Brazil.​

The Rev. Jesús López Fernández de Bobadilla, a Spanish priest who said he had lived in Pacaraima for nine years, said the outburst should not come as a surprise given the strain the migration crisis has put on the town of 12,000. In recent weeks, as many as 800 Venezuelans have crossed into Pacaraima each day. Many remain there for long periods because they are too poor or too sick to head toward larger cities. Still, Father de Bobadilla said, “Pacaraima is offering a truly shameful example of intense and violent xenophobia.”

MORE

 

[Dan Stubbs]

you would think a revolutionary would know revolutionaries cant be trusted ..........
Venezuela: China's Sinopec sues oil company PDVSA over unpaid bills
Venezuela and PDVSA owe more than $60 billion just to bondholders. In total, the country owes $196 billion, according to a paper published by the Harvard Law Roundtable.

China's state banks loaned $60 billion to Venezuela between 2007 and 2016, and the lawsuit is just the latest sign that Beijing is growing impatient with the embattled South American country.

Sinopec doesn't hold back in its complaint, slamming PDVSA for its "disingenuous nature [and] feigned promises to make full payment."

China is going to lose their shirt and pants giving money to that gov, they should really know better.