Baptism by Demonic Shit

0
President Hugo Chávez baptizes a so-called “Petroorinoco” bond with heavy crude. The bonds will be used to pay outstanding debts owed to public sector workers / August 2012 / (Foto PDVSA)

[Hat Tip: The increasingly invaluable País Verruga,which styles itself “La revista virtual con lo más protuberante de lo que ocurre al norte de Sudamérica y de lo que marca la neo venezolanidad del siglo XXI.”]

Miguel O, in comments, adds:

So far [the Petroorinocos] may turn out to be another electoral flop. Banco de Venezuela is not buying them like Hugo said. The bonds do not exist as they have yet to appear in the Official Gazette. The certificates handed out by Chavez were temporary and the unions are mad as Hell. Where is Fidel to advise Hugo when he needs it?

1 COMMENT

  1. http://www.bloomberg.com/news/2012-08-22/chavez-baptizes-bolivar-bond-with-crude-to-pay-state-workers.html
    Still no word on maturity for the bonds and no prospectus to be seen. Secondary market supposed to start 1 year from now. Favorite part of event was Giordani telling Chavez they won’t be able to settle debts with public workers in 2 years as asked. Some estimates put total at 19 billion bolivars. So far they gave 880 million in first event. Alguien se acuerda de los VEBONOS?

  2. So far this may turn out to be another electoral flop. Banco de Venezuela is not buying them like Hugo said. The bonds do not exist as they have yet to appear in the Official Gazette. The certificates handed out by Chavez were temporary and the unions are mad as Hell. Where is Fidel to advise Hugo when he needs it?

    • This is not good for Chavez. He is promising to buy his way out of the problem but cannot arrange funding. Maybe Cuba, China, Libya, or Iran can give some bolivars back. I doubt that Chavez will open his personal Swiss bank accounts to get funding.

Leave a Reply