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  1. #1
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    Default venezuela sells petrocaribe DR debt


  2. #2
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    Probably not in a good way, Doubt if Goldman Sachs will be satisfied with beans instead of money.

  3. #3
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    Let's get the positive spin from PICHARDO?

  4. #4
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    Means US might invade again one day to collect?

  5. #5
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    Quote Originally Posted by windeguy View Post
    Let's get the positive spin from PICHARDO?
    maybe they will accept a payment in e-peso?

  6. Likes bienamor, windeguy liked this post
  7. #6
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    Venezuela is desperate for cash. $60 oil is not good for them. DR better start thinking of plan B and plan C for when, not if, Venezuela collapses.

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  9. #7
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    An absolute coup de tat for GS.

    For Venezuela....economic breathing room for a few more months...but the haircut they took on the debt is unprecedented.

    For the DR.....as pointed out above...no more beans, goods, etc., as payment.....and the payments will need to be timely...or risk penalties, default etc.


    Respectfully,
    Playacaribe2

  10. #8
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    Quote Originally Posted by Frank the Tank View Post
    Venezuela is desperate for cash. $60 oil is not good for them. DR better start thinking of plan B and plan C for when, not if, Venezuela collapses.
    didn't dominican government admit they had minuscule reserves of petrol? i can see lots of problems ahead if the deliveries of black gold stop...

  11. #9
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    I do not know what court would decide this matter,but Goldman Sachs is buying from Venezuela the PetroCaribe contract with the DR but I am unsure if anyone standing in the shoes of Venezuela has the right to vary the contract . If I am reading this correctly the price paid to Venezuela immediately is 40% of the value of the current debt . From memory the DR has to pay 50% of the oil purchases within a month or so and the rest is paid 25 years later with an interest rate of 1% , The DR is up to date with its payments that are due monthly so really GS is paying 40% of the amount that is owed in the future . I doubt if there would be any silly clauses making the DR liable to pay all debt immediately if Venezuela sells its its interest in the contract so I see little harm for the DR especially with oil prices at such a low level . But we maybe buying all our oil from outside Venezuela in the future ,,it will be easier to refine

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  13. #10
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    Default Thinking???????????

    Quote Originally Posted by dv8 View Post
    maybe they will accept a payment in e-peso?
    Quote Originally Posted by Frank the Tank View Post
    Venezuela is desperate for cash. $60 oil is not good for them. DR better start thinking of plan B and plan C for when, not if, Venezuela collapses.
    When will the DR start thinking????????? Plan ahead?????? Not gonna happen. Might be a good time to invest in horses as that may be the future transportation. I always liked horses anyhow. Sure would end all the highway deaths. Might get me a surry with a fringe on top and a matched pair. Bring back the buggy whip. Beginning to look like a solid improvement over the present mess.

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