Let
us not forget that Standard & Poor, Moody and Fitch rating
services are financed by the banks and therefore have no real
independence.
Part
3 - Are there non-payments or not?
The
economist Luis Enrique Gavazut, Member of the Economic Observatory of
the Presidency, told RT that the Standard & Poor's rating is a
"premature declaration," based on the fact that Venezuela
did not pay US$200 million.
"It
is nothing but a payment of interest. It is pretty mundane and of low
magnitude," says Gavazut, if compared with the cancellation
of the external debt announced Tuesday by Communications Minister
Jorge Rodriguez.
In
his opinion, both amounts should be compared: US$200 million, with
the interests of the "magnitude" of an external debt that
amounts – according to the figures of the high government – to
about US$150 billion at this time.
This
announcement is part of the other two payments for PDVSA bonds made
by Venezuela weeks ago, amounting to almost US$2 billion and that
"were the last that could be made under these conditions,"
before announcing the refinancing and restructuring of the debt.
For
Francisco Gonzalez, international analyst interviewed by RT, the
media created the so-called default, "The media published
that information to generate fear in the private investors,"
he said, because that can discourage them from buying bonds and
investing in Venezuelan debt.
"They
want to cut off foreign investment in the country," he
pointed out. Gonzalez also exposed that this campaign seeks to
discredit the South American country and create the opinion that
Venezuela is not in a position to meet its financial commitments.
In
the opinion of Professor Gonzalez, they are seeking to asphyxiate the
economy and isolate Venezuela politically until it has "no
credit possibilities and drown(s) financially little by little.”
He also explained that although the issue of possible non-payment has
been spread by the U.S. and European media, a “default” in this
case does not correspond to the policy of multilateral agencies.
The
fact is that a US$200 million interest payment may have arrived late
to some bondholders but was this really a late payment or the
international banks dawdling on the transfer to paint Venezuela in a
bad light? This has been done in the past and Citibank even made a
statement that “Venezuela had paid late” when the funds were held
up in the system.
Let
us not forget that Standard & Poor, Moody and Fitch rating
services are financed by the banks and therefore have no real
independence. By extension, the banks are beholden to orders from the
U.S. Treasury Department and will apply sanctions and blocking
measures if required to do so. All are the politico-financial arm of
the U.S. administration and its perceived global financial hegemony
based on a fiat currency.
Gonzalez
agreed with Gavazut that the objective is to "generate fear
in private investors" not to buy bonds, not to participate
in the renegotiation of the debt and finally, not to invest.
***
Source:
Comments
Post a Comment