Venezuela Opposition Condemns Goldman Sachs Debt Deal

Posted June 05, 2017

The letter stated that Borges was dismayed by the decision of Goldman Sachs to purchase the bonds given the nature of the Maduro administration, an unwillingness to carry out democratic elections and systematically violating human rights.

A small group of protesters outside Goldman's NY headquarters held signs saying "Goldman Sachs Sucks!" and "Don't Support Venezuela's Hunger Bonds".

Venezuela's opposition called for weekend protests as Thursday's deadline neared for candidates for an assembly to re-write the constitution - a gathering opponents slam as a naked power grab by the leftist government. The bonds were bought through three finance sources in Europe and not directly from the country's central bank.

Lately, the opposition's ire has affixed to a new target, one outside Venezuela's borders: Goldman Sachs.

Goldman Sachs Group Inc's buying of these bonds comes as the socialists economy of Venezuela starts to fall apart.

Last week, the Manhattan-based investment bank bought bonds from Petróleos de Venezuela, or PDVSA, the state-run oil and natural gas company.

Around two dozen picketed the bank's offices in NY, accusing it of propping up Nicolas Maduro through its alleged purchase of government bonds.

"We are invested in PDVSA bonds because, like many in the asset management industry, we believe the situation in the country must improve over time", the bank said.

Julio Borges, the leader of Venezuela's National Assembly, threatened that a later government may refuse to pay them.

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             Protesters gather outside of Goldman Sachs offices in New York City
Related Image Expand Collapse Protesters gather outside of Goldman Sachs offices in New York City

"Something worse and more horrifying than the government of Barack Obama has arrived, it is the government of Mr Donald Trump [.] and They have given an order to USA supporters to destroy Venezuela however they can, to hand it over on a silver platter to foreign intervention, which we reject".

Other Venezuelan bonds also rallied, traders said.

The conference was organized by the Miami Herald and El Nuevo Herald news organizations as a forum of worldwide business and government leaders.

The massive protests have been fueled by soaring inflation and shortages of food and medicine, a result of Venezuela's economic collapse driven by the fall in prices for its crucial oil exports since 2014.

Venezuela is grappling with regular anti-government demonstrations and dozens of people have died in protest-related violence since April.

Venezuela's National Assembly voted earlier this week to ask the U.S. Congress to investigate the sale and at least 22 member countries of the Organization of American States were expected to meet Wednesday in Washington to discuss the crisis in Venezuela.

Beke's mother, who died from cancer past year, could not get the chemo therapy treatments she needed to fight her illness because of the severe medical shortages in Venezuela.

But the protesters say any support for the government supports repression.

"They say we're paid to be here, but that's a lie, because if not, I wouldn't be so short of money!" she joked.