Venezuela’s Petro Caribe is look­ing to Wall Street for res­cue

The Star (St. Lucia) - - LOCAL -

another $3.6 bil­lion a year – still far short of the $25 bil­lion a year in fresh ex­ter­nal fi­nance that Bank of Amer­ica es­ti­mates the coun­try needs to main­tain im­ports even at the cur­rent de­pressed lev­els. For the debtor coun­tries, the Do­mini­can Repub­lic and es­pe­cially Ja­maica are al­ready strug­gling un­der hefty debt loads and, although any such ar­range­ment would ef­fec­tively dis­count the prin­ci­pal amounts now owed to Venezuela, the re­place­ment bonds would re­quire im­me­di­ate ser­vic­ing. Mean­while, Venezuela’s al­ready dire eco­nomic straits are likely to get a whole lot worse if the lat­est forecasts of a con­tin­ued slump in crude oil prices are borne out.

Is Venezuela sell­ing out to the mighty Gold­man Sachs?

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