Signs of change

President Maduro told "US oil investors on Friday that the doors are open for investments in oil and gas" and that the government is negotiating with "companies from around the world" to attract investment in the hydrocarbon industry, within the framework of the Anti-Blockade Law. Likewise, he called on PDVSA bondholders to negotiate, stating that Venezuela has "a very strong offer" to pay the debt, which amounts to more than $ 130.000 million. He stressed that our country has blocked more than $ 100.000 million in international banking through the sanctions imposed by the US and Europe.

On the same day, an article was published in the Financial Times entitled "Why is it time to lift the commercial ban on Venezuela's debt", signed by Thomas Laryea, renowned expert in sovereign debt restructuring and Orrick advisor, Herrington & Sutcliffe, a transaction and litigation advisory firm for investment firms. There the author affirms, from the first line, that "the Biden administration has the opportunity to reform relations with Venezuela and lay the foundations for the restructuring of Venezuela's more than $ 150.000 billion in public external debt." He says blocking the Venezuelan bond trade is as strange as it is ineffective.

It is evident that the bet is to appeal to the financial lobby of the creditors to ensure that the Biden government, which is taking its time to “review” its policy towards Venezuela, makes a substantial turn in terms of sanctions that provide greater economic freedom to the country.

All this after the UN Human Rights Rapporteur Alena Douhan requested the lifting of sanctions, highlighting that they have reduced national income by 99% and their effect on the population is "devastating"; and the US Government Accountability Office will indicate to Congress that the sanctions have contributed to the abrupt fall of the Venezuelan economy with the respective anti-humanitarian effect.

Internally, Fedecámaras proposes to the Government to open private participation in "refining, dispensing and other fuel marketing activities" for the effective reactivation of the industry. It seems that the foundations are being laid for the changes to come. .


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