As reported in El Caribe, the purchase of PetroCaribe debt from Venezuela was an initiative taken by the Dominican government.
The model of the Uruguay and Venezuela debt transaction, which took place two years ago, will be used. As reported, the Venezuela-DR negotiations were interrupted after the story was leaked to the Miami-based Nuevo Herald publication. The story was then followed up by other leading media, including the Wall Street Journal.
As reported in El Caribe, the Dominican negotiating team for the deal is headed by Minister of Hacienda Simon Lizardo Mezquita, the same official who denied the transaction when asked about it by the Dominican press after the publication in the Miami newspaper.
As reported, because of the sovereign nature of the debt, Venezuelan government officials should make the first statements.
Under PetroCaribe, the DR has accumulated a debt of US$4,344,640,668 from 2005 to October 2014. The deal would enable the country to make major savings on the debt total.