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EU slaps sanctions on crisis-hit Venezuela

14 Noviembre 2017

Derivatives industry association ISDA said on Tuesday it has received a question from investors as to whether the Republic of Venezuela is in default due to a late payment of coupons on sovereign bonds.

The opposition in September walked away from dialogue with the ruling Socialist Party, insisting the government had not met demands including the release of imprisoned opposition activists and mechanisms to allow foreign humanitarian assistance.

When asked about Venezuela's debt restructuring plan, Rodriguez said the best way to help her country is to ask Trump to lift U.S. sanctions because it would open ways to finance its debt.

While ONGC Videsh - the overseas investment arm of ONGC confirmed to Reuters that PDVSA had fallen behind on the payments, but declined to give details on the delays.

Spain has long pushed for sanctions on those close to Maduro, but the EU has been divided over whom to target.

But in the statement, ministers said regional elections held in Venezuela on 15 October were a turning point that had hardened the bloc's position, having taken place amid "reported numerous irregularities".

And while we commend India's camaraderie, Venezuela may be declared insolvent as soon as Friday morning.

The move was decided by EU foreign ministers at talks in Brussels.

"There has been no official communication on the payment delays".

Legislator Luis Florido, spokesman for the opposition in the dialogue process, said the opposition would seek a new elections council and would push for presidential elections.

As a result, an official declaration of default may be imminent: according to Bloomberg, ISDA has agreed to review a request to determine whether an event of default has occurred due to delayed principal payments on the Petroleos de Venezuela SA bond that matured Nov. 2.

"We do not hold big hopes on Monday's bondholder meeting", New York-based financial services company Stifel said in a report.

Investors eager to be paid back, however, worry that confusion clouds the meeting. International powers accuse Maduro of stifling democracy by marginalising the opposition and gagging independent media.

The U.S. sanctions over Venezuelan officials overshadowed the meetings.

But Zerpa's exhortation to attend, plus the location of the meeting right opposite the Miraflores presidential palace, appear to indicate the meeting will not be a low-profile affair.

The sanctions also include setting up a system for asset freezes and travel restriction on some past and present Venezuelan officials close to Maduro.

Often in charge of delivering President Nicolas Maduro's most critical messages, he blasts critics publicly, exposing supposed conspiracy rings and threatening legal action against dissident leaders from National Assembly President Julio Borges to Luisa Ortega, the public-prosecutor-turned-whistle-blower.

"The European institutions show their lamentable and shameful subordination to the US government", it added.

EU slaps sanctions on crisis-hit Venezuela