Less than a week after perhaps the dirtiest financing deal in Venezuela’s history, the WSJ is reporting a bigger, badder monster is on its way. Citing several US-based hedge funds, Matt Wirz, Kejal Vyas and Carolyn Cui report the Maduro government is using Chinese brokerage Haitong Securities to market the mother of all fire-sales:

Five billion dollars face value of VENZ 6.5% 2036 bonds for the ridiculously low price of 20 – TWENTY – cents on the dollar.

It’s hard to come up with appropriate metaphors at this point. Last week, Muci wrote that selling the PDVSA 22s at 31 cents was like selling the electric wiring in your own house for scrap to get high on meth. This? Well…this is whatever it is you do to get high next, after the heater’s gone, after the furniture’s gone, after there’s no more wiring to hawk and you need to get high right fucking now. Remember the last scene of Requiem for a Dream?

Selling these bonds at 20 cents on the dollar is obscene. Yesterday, comparable bonds maturing in 2038 were trading for 45 cents.

Quick recap: like the PDVSA 22s that made the news last week, VENZ 36s are “phantom bonds”. Rather than selling these bonds into the open market like Bolivia, Ecuador, or any other country on earth, the government issued them in a private placement to itself late at night on December 29th, 2016, just before the 2015 budget law that authorized them expired.

State-owned Banco de Venezuela bought the entire $5 billion issue in bolivares at the scrumptious official rate — 10 BsF:$1. And voila, thus the phantom bonds were born. The whole thing was kept under wraps until the first working day of 2017, so the legal status of the bonds is a huge question mark. So big, in fact, that over 80 Wall Street firms allegedly passed on buying them, despite the 80% discount.

Selling these bonds at 20 cents on the dollar is obscene. Yesterday, comparable bonds maturing in 2038 were trading for 45 cents. That the bond is pricing at less than half the going rate is a clear indication that the buyer knows full well that the bonds and their sale probably isn‘t even legal.

For starters, the buyer gets a ludicrous current yield of 33% in dollars – meaning they recover a third of the investment every single year from coupons alone. In just three years, the buyer will get all their money back and then they’ll get their money back again every three years thereafter, over and over until 2036… at which point they’ll get five times their original $1bn when the bond amortizes. In total, the buyers of these bonds are slated to get a 1018% total return or 11.2x their money back. In other words, Venezuela will get $1bn today and pay out $11.2 billion thorough 2036.

That is, of course, assuming that the bonds get paid back. As with the PDVSA 2022 bonds, the legality of these Venezuela 2036 bonds is dubious, at best. Don’t shed too many tears for whoever the buyer ends up being: when you’re bankrolling a distressed debt issuer on these conditions, it’s because you never really expect the principal to be repaid.

On top of all that, the bond itself is funky. As the Journal reports, “the debt securities being shopped by Haitong aren’t registered with the international organizations that settle transactions, meaning they cannot be traded electronically, a risk investors said was keeping them from buying them”.

Sounds legit, right?

The Bigger Picture

Look, for a distressed debt issuer, refinancing debts and smoothing payments (“liability management,” in Street jargon) is always tricky. The more distressed the issuer is, the sweeter the “sweeteners” need to be to get lenders to accept refinancing operations and new debt issues. Sweeteners range from big discounts on new bonds, collateral to guarantee some, all, or even more than 100% of the face value of the new bonds (overcollateralization), to warrants on GDP growth or oil prices (like Argentina’s GDP warrants). All of these options are costly.

Venezuela is the world’s most distressed issuer right now and has little choice but to load on the sugar.

But there’s a limit.

You have to attract investors. Pile on too much sweet stuff and what you signal is desperation; desperation of the kind that repels the investors you’re trying to attract. Make promises too extravagant and you accept terms so onerous it’s plain you won’t be able to make good on them.

Both the PDVSA 6% 2022 bonds and now this Venezuela 6.5% 2036 risk giving creditors diabetes. Sweeteners this extravagant double up as a warning flag that nobody can miss. Adverse selection kicks in. Reputable investors bow out of the deal. The only ones left are the denizens of the financial underworld. The government and PDVSA are reaching pretty much every financial blacklist that matters, adding to the Trump administration’s discussion about sanctions.

Only a handful of banks are willing to deal with Venezuela, and even then only as long as they operate through third parties and keep dishing out those super-juicy discounts. That’s how Wall Street works. But that’s not our main problem here.

Pile on too much sweet stuff and what you signal is desperation; desperation of the kind that repels the investors you’re trying to attract.

The problem is that the government is willing to sell Venezuela at 20 cents on the dollar, right after they sold another part of Venezuela for 31 cents. That’s the international price of isolation, economic mismanagement, political radicalization, and lack of creditworthiness. Not even when oil prices were below $30 a barrel, did PDVSA and Venezuela bonds trade at 20 cents.

If you wanted the real cost of almost two decades of chavismo to the country, there it is: eighty-freaking-percent.

But why? Is this only desperation to meet short-term debt service and imports needs? Is the government’s time horizon really this brutally compressed? Did they forget about the next 20 years of public administration outlined in the “Plan de la Patria”?

This time it’s different. It seems like the government’s sights really don’t go beyond July 30th. Their willingness to go ahead with an everything-must-go liquidation sale at 20 cents, when similar Venezuelan bonds are trading at 45 cents, tells a story beyond debt itself or even avoiding default. This is more than “willingness to pay” taken to the extreme. It’s suicidal.

In other words, do you really think at this point that chavismo cares about the year 2036? Or 2022, for that matter? With these transactions, it’s clear they’re not thinking beyond the next scheduled presidential elections, if that. The Constituyente narrowed their survival timeline. When you’re willing to do something this desperate, it’s because it would make it for your departure ticket, y que el último apague la luz. One last plunder of the vaults before jumping off the sinking boat.

Either that, or you’re fire-selling the last sources of cash in the short-term to hold the line against the political storm. Even if that means compromising your entire financial position, what’s left of an already depleted liquidity, and whatever firepower imports to keep the control of the crowds with freebies and regulated products. They know there will be no calm after this storm.

Chavismo was willing to do anything to reach power. And perhaps it’s willing to do even more in order to keep it. It doesn’t matter if it means selling their own mother and kidneys to capitalism incarnate. Power is everything, at all costs.

“La Revolución

Se vendió

A Wall Street”

 

…por migajas.

43 COMMENTS

  1. Presos todos esos delincuentes. Donde se metan los vamos a buscar. Choros, ladrones, narcotraficantes, asesinos, vende patrias, represores. La escoria mas baja que ha podido salir de Venezuela es gobierno hace 20 años. Que asco

  2. The Cuba model. Live on other people’s money with no intention of paying it back. Likely half the payments to China will go to kickbacks for Maduro et al.

    • Worse, half of the money will go to cuba as the usual tribute from the colony, while the other half will be tore apart among the boli*******s, while zero will ever reach the people.

  3. Chavismo and the revolution as whole never cared about Venezuela’s wellbeing, simply because they are the puppets of the occupation force that is the cuban dictatorship, which is a bloodsucking parasite.

  4. I was told that BCV sold the PDV 2.8BN @27 cents to Dinosaur and then Dinosaur sold them @31 to GS. If true DInosaur made a cool USD112M minus LA COMETA… Dinosaur is probably under investigation in NY and London as we speak, they will surely lost their licences, but who said that they were worth USD112million to begin with…

    In other matters, it sure looks like Maduro and Co estan raspando la olla to run with their pockets full of cash ooooooor with that they avoid default and keep power, but I think we are talking about the former.

    • I was told that BCV sold the PDV 2.8BN @27 cents to Dinosaur and then Dinosaur sold them @31 to GS. If true DInosaur made a cool USD112M minus LA COMETA… Dinosaur is probably under investigation in NY and London as we speak, they will surely lost their licences, but who said that they were worth USD112million to begin with…

      GTFouttahere…woah

    • Did Dinosaur pay cash (to whichever entity represented Venezuela)? That is, do you know if Dinosaur directly the source of the liquidity, in effect direct owner of the 2022 bonds?

        • Thank you, Jau. Delivery versus payment transaction, so it was a cash buy from Dinosaur. GS has probably resold much of the lot into clients’ accounts by now.

  5. These bonds are and will remain in physical form, so I bet they be revived over and over again by unscrupulous judges for many years to come.

  6. “Chavismo was willing to do anything to reach power. And perhaps it’s willing to do even more in order to keep it” <<<<<< Just delete "perhaps" and you have the truth, the whole truth and nothing but the truth!!! Chavismo/the Castro cunts have always eyeballed Venezuela's wealth, it has always been nothing but that, lots and lots of $$$$$$, hundreds of billions of $$$$$ and when the suitcases are full … we fuck off to Miami and live the good life because in the end all uncle Sam is worried about is if you pay your taxes! They couldn't care less where you stole it from. (Ask that cunt in Houston, he's in jail for tax evasion and for nothing else )

    • It isn’t so much that the US only cares about tax evasion, it is that tax evasion is easier to prove to a jury. Al Capone was nailed on tax evasion.
      I had knowledge of a complicated fraud that was committed against Magnavox in the US. The man that was brought in to become the interim president of the division was a forensic accountant.
      He and I became good friends.
      The complexity of the case made the prosecution and the accountants think that it was almost impossible to pull 12 people off the street and to get them to understand it.
      The easiest way to prosecute it was for tax evasion. They could prove that the people involved had amassed large sums of money and had not paid taxes.
      Following that trail of money back to the corporate accounts and through all of the deceptive practices was a much greater challenge.
      In the end the perpetrators were sentenced to between 5 and 20 years. The Feds cut a few deals and got the company back a large chunk of their money. Even the houses that had work done on them that was paid for in stolen funds were seized.
      When you think about it, money is a hard thing to hide. Bank accounts, asset purchases etc. can be found. A can buried in the back yard is about the only way to hide it.
      This means that the money can not be invested. The regime needs to steal enough to last a long time when they flee.

  7. Th real question is, why so desperate for a measly $1 bill., when you supposedly have $10+ bill. in “reserves”?

    • Raspando la olla. Por lo mismo. Por qué cadivi y dicom? El arco minero? Bonos, citgo, pdvsa, el ezequibo, las reservas, el oro, todo lo que se puede rematar, dale. Es como los rusos cuando se estaban retirando de Europa: hasta los rieles de los ferrocarriles.

      Son rateros en el poder, en el BCV, cadivi, finanzas, energía y minas, son rateros como los GNB que andan robando bolsos, carteras, zapatos, relojes.

      Pones a esos GNB en el alto gobierno y a los del alto gobierno en la GNB y nada cambia.

      Ese es el ratero nuevo creado por CH, tienen la misma formación los GNB o PNB o Colectivos o el generalato o los pranes, que el alto gobierno y la dirigencia del psuv. Tienen los mismos sueños y la misma ideología.

      Ideología basada en el resentimiento. Y por eso destruyen todo a su paso. Disfrutan quemando, tumbando, rompiendo, quebrando, ensuciando, destruyendo.

      Todo lo que es progreso, ciencia, universidad, educación, arte va en contra de su esencia.

      Serán recordados como la peor plaga que haya gobernado país alguno. La comparación sólo cabe con fuerzas invasoras no con un gobierno de gente gobernando a su propio país.

      Gómez, Guzmán Blanco, Perez Jímenez, los Monagas, los adecos, los copeyanos, todos dejaron avances en algunos ámbitos más allá de sus fechorías. Puentes, vías, universidades, teatros, sanidad, alumbrado público, sistema de aguas blancas, sustitución de letrinas, eliminación de malaria, fiebre amarilla, educación gratuita y obligatoria, ivic, intevep, todo el país que existía hace años, hasta que llegó la plaga invasora.

      Y qué han dejado estos? La respuesta parece evidente pero no. Porque de hecho han retrocedido al país décadas. De ser el país más rico y moderno de américa latina a ser comparado sólo con lo peor del planeta que son pobres y atrasados por no tener ninguna de las riquezas de VEN y por haber sido arrasados por guerras y por desastres naturales. Haití, Nicaragua, Etiopía o Somalia son el nuevo club adonde llevaron al país.

      Grrr.

      • Gracias por lo escrito suyo. Me ha explicado mucho. Esa es la respuesta que yo buscaba – me pregunte por meses ?Quale sera el objetivo de ese gobierno. de esa gente? Pero no encontraba ni imaginacion ni palabras que me dieran respueta. Usted ha escrito “El Libro Verdadero del Marxismo”, en mi opinion, claramente.

        Kudos, dude. Right on!

      • Jose, all very well-said, but my main point is that the so-called “reservas internacionales” claimed/published $10+ bill. are likely not there, for the most part, if at all, perhaps encumbered/stolen/even transferred in part ($3 bill. rumored by Chavez when sick) to Cuba. Thanks for the summary of the Rape Of A Nation.

  8. “In other words, do you really think at this point that chavismo cares about the year 2036? Or 2022, for that matter? With these transactions, it’s clear they’re not thinking beyond the next scheduled presidential elections, if that.”

    Exactly. They are betting that with more money they can stay in power until October 2018, when the next Presidential elections will have to take place. They know that if they try to cheat, steal or cancel those elections the entire country will be on the streets and paralyze it.

    Those elections are unavoidable, and they cannot be stolen (too obvious) or Hell would break lose.

    But 16 more months in power would be great for them.. Steal millions more, hide properties and dubious bank accounts, time to figure out an escape plan.

    But to buy that time, 16 months + transition period, you need money. And since all the oil was given to China, and no one wants to lend them a penny more all they have left are bonds. And to sell those they are forced to give them away for peanuts.

    They need whatever money they can get for their own pockets, and to continue bribing thousands of key crooks,, especially the corrupt military, police,, sebin,, etc. If money ran dry for those bribes, the military would revolt,, they would not last until the electiions. With the money from the cheap bonds they can continue buying the support and allegiance of the military.

    As simple as that. Of course they couldn’t care less about the ailing Venezuelan people. They don’t really have any “socialist” or left “chavista” ideologies. In Kleptozuela all the Chavista Thieves care about is $$$$$$$$$$$, that’s their true ideology.

    • “Those elections are unavoidable, and they cannot be stolen (too obvious) or Hell would break lose.”

      If the armed forces do nothing like they are now, why wouldn’t they blatantly steal it?

      • Because Millions and Millions of people would not tolerate that. Enough is enough. And the international community would be all over that fraud too. It would be too obvious, unsustainable with 80%+ of the population against Maduro.

  9. How a new kind of protest movement has risen in Venezuela
    Washington (com)Post
    https://www.washingtonpost.com/world/the_americas/how-a-new-kind-of-protest-movement-has-risen-in-venezuela/2017/06/03/77e3a464-4487-11e7-8de1-cec59a9bf4b1_story.html?

    The ranks of Venezuela’s protesters span all ages and social classes: Polls show that 80 percent of people want President Nicolás Maduro to resign. But over the past two months of street demonstrations, since Maduro attempted to dissolve the congress and pushed to rewrite the constitution, university students, such as Ortega, and other young people have embraced the dangerous leading edge of the opposition.

    Many of the young people on the front lines of this struggle live in poor neighborhoods that were formerly government strongholds or once felt greater allegiance to the socialist cause. Since Maduro assumed office in 2013, following the death of Hugo Chávez, the economy has been spiraling downward. The years of deprivation have eroded these bastions of government support and propelled a younger generation into the streets.

  10. Reminds me of the offers made to account holders by Banco Latino with its last breath.

    “Venezuela will get $1bn today and pay out $11.2 billion thorough [sic] 2036”. *By* 2036?

  11. The National Assembly must proceed immediately to declare this bond null and void. Assuming this financing was authorized under the 2016 budget (Ley de Endeudamiento Anual), the terms of the financing must have been authorized by the Central Bank and the Comision Permanente de Finanzas of the National Assembly. If the bond was issued on december 29 2016, then the authorization from Comision de Finanzas must have been issued some time during 2016, namely, by the opposition held Assembly or by Diodado Cabello and Co before january 4 2016. This is why this bond will never be listed, it is illegal.

    Ley Organica de la Administracion Financiera del Sector Publico art 97: El Ejecutivo Nacional, una vez sancionada la Ley de Endeudamiento Anual, podra realizar las operaciones de credito publico contempladas en ella. En todo caso, sera necesaria la autorizacion de cada operacion de credito publico por la Comision Permanente de Finanzas de la Asamblea Nacional, acompanando la opinion del Banco Central de Venezuela

  12. The only way that such a deal can make even a modicum of sense, is if they’ve already​ come to conclusion that default is inevitable and they intend to default soon – they know oil prices are too low, production is falling too fast, and imports can’t be compressed further without inflicting pain on people essential for regime stability.

    In such circumstances, it wouldn’t be completely crazy to acquire any reserves possible, whatever the cost, in the hope that you can weather the inevitable default better.

    Either that, or the $10bn on the BCV’s balance sheet simply doesn’t exist.

    It’s difficult to see this deal as anything other than the prelude to collapse and transition.

  13. Think about it. This is actually good news. First this shows pretty clearly that Maduro et al are desperate beyond reason. That the 10 billion in reserves are nonexistent, or at the very least mortgaged. That the only true savior of the dictatorship is a rapid, and sustained increase in oil prices, which seems a pipe dream.

    Even the “success” of the Constituyente, solves what exactly? More power? Less international scorn? More brilliant economic policies? The Constituyente was conceived in Maduro’s delusion, that it would rally the Chavistas around his rule and boost his 20% (if that) support, to acceptable levels. It backfired, and now he is desperate to save face. But again to what end? Wake up August 1st, and what? … all is well on the western front? NOT

    Does anyone (now) believe that the protests will end?

    How the hell can it end. No food, no medicine, no freedom of speech, no economy, hyperinflation

    It is obvious, that the end game is here.

    The bets should not be if, the bonds will paid, but the date Maduro becomes a citizen of Bolivia.

  14. “You have to attract investors. Pile on too much sweet stuff and what you signal is desperation; desperation of the kind that repels the investors you’re trying to attract”
    LOL – this took me back to my early 20’s and the popular saying of “El que demuestra hambre no come”

  15. Just released, from Reuters – Nasdaq: “Russia has slashed projected revenue by nearly $1 billion to reflect expectations that Venezuela may not make timely payments on bilateral loans, according to a document released by Russia’s Audit Chamber on Tuesday”

    That is for just 1 Billion. Anybody guessing DEFAULT probability before September? Massive debt restructuring still possible?

    Here is another nail to the coffin.

  16. […] Esta es una de las muchas grandes mentiras, o mejor dicho, otra pequeña mentira que es parte de La Gran Mentira del gobierno Bolivariano. Esta Gran Mentira ha sido recientemente vomitada por nada más que Atilio Borón, quien hizo un llamado a Maduro a “aplastar” a la oposición. Borón, como Maduro y algunos de sus camaradas, representa un viejo y decrépito dinosaurio de izquierda, lo que no significa que sus puntos de vista hayan llegado a ser extintos. Al contrario, en Latinoamérica, y en muchas partes del mundo, ellos aún tienen un extraordinario poder en cuanto a  matrices de opinión y puntos de vista de izquierda. En su narrativa que se apega estrechamente a la ideología marxista leninista, la CIA es la causa de los disturbios en Venezuela y la gente en las calles son “lacayos del imperio”, responsables de la violencia que intente derrocar la “revolución”; y la escasez y el hambre, son resultados de la “guerra económica” y no del recorte a las importaciones por Maduro mismo, el robo y los malos negocios con Wall Street. […]

  17. […] Esta es una de las muchas grandes mentiras, o mejor dicho, otra pequeña mentira que es parte de La Gran Mentira del gobierno Bolivariano. Esta Gran Mentira ha sido recientemente vomitada por nada más que Atilio Borón, quien hizo un llamado a Maduro a “aplastar” a la oposición. Borón, como Maduro y algunos de sus camaradas, representa un viejo y decrépito dinosaurio de izquierda, lo que no significa que sus puntos de vista hayan llegado a ser extintos. Al contrario, en Latinoamérica, y en muchas partes del mundo, ellos aún tienen un extraordinario poder en cuanto a  matrices de opinión y puntos de vista de izquierda. En su narrativa que se apega estrechamente a la ideología marxista leninista, la CIA es la causa de los disturbios en Venezuela y la gente en las calles son “lacayos del imperio”, responsables de la violencia que intente derrocar la “revolución”; y la escasez y el hambre, son resultados de la “guerra económica” y no del recorte a las importaciones por Maduro mismo, el robo y los malos negocios con Wall Street. […]

  18. […] Esta es una de las muchas grandes mentiras, o mejor dicho, otra pequeña mentira que es parte de La Gran Mentira del gobierno Bolivariano. Esta Gran Mentira ha sido recientemente vomitada por nada más que Atilio Borón, quien hizo un llamado a Maduro a “aplastar” a la oposición. Borón, como Maduro y algunos de sus camaradas, representa un viejo y decrépito dinosaurio de izquierda, lo que no significa que sus puntos de vista hayan llegado a ser extintos. Al contrario, en Latinoamérica, y en muchas partes del mundo, ellos aún tienen un extraordinario poder en cuanto a  matrices de opinión y puntos de vista de izquierda. En su narrativa que se apega estrechamente a la ideología marxista leninista, la CIA es la causa de los disturbios en Venezuela y la gente en las calles son “lacayos del imperio”, responsables de la violencia que intente derrocar la “revolución”; y la escasez y el hambre, son resultados de la “guerra económica” y no del recorte a las importaciones por Maduro mismo, el robo y los malos negocios con Wall Street. […]

  19. […] Esta es una de las muchas grandes mentiras, o mejor dicho, otra pequeña mentira que es parte de La Gran Mentira del gobierno Bolivariano. Esta Gran Mentira ha sido recientemente vomitada por nada más que Atilio Borón, quien hizo un llamado a Maduro a “aplastar” a la oposición. Borón, como Maduro y algunos de sus camaradas, representa un viejo y decrépito dinosaurio de izquierda, lo que no significa que sus puntos de vista hayan llegado a ser extintos. Al contrario, en Latinoamérica, y en muchas partes del mundo, ellos aún tienen un extraordinario poder en cuanto a  matrices de opinión y puntos de vista de izquierda. En su narrativa que se apega estrechamente a la ideología marxista leninista, la CIA es la causa de los disturbios en Venezuela y la gente en las calles son “lacayos del imperio”, responsables de la violencia que intente derrocar la “revolución”; y la escasez y el hambre, son resultados de la “guerra económica” y no del recorte a las importaciones por Maduro mismo, el robo y los malos negocios con Wall Street. […]

  20. […] Esta es una de las muchas grandes mentiras, o mejor dicho, otra pequeña mentira que es parte de La Gran Mentira del gobierno Bolivariano. Esta Gran Mentira ha sido recientemente vomitada por nada más que Atilio Borón, quien hizo un llamado a Maduro a “aplastar” a la oposición. Borón, como Maduro y algunos de sus camaradas, representa un viejo y decrépito dinosaurio de izquierda, lo que no significa que sus puntos de vista hayan llegado a ser extintos. Al contrario, en Latinoamérica, y en muchas partes del mundo, ellos aún tienen un extraordinario poder en cuanto a  matrices de opinión y puntos de vista de izquierda. En su narrativa que se apega estrechamente a la ideología marxista leninista, la CIA es la causa de los disturbios en Venezuela y la gente en las calles son “lacayos del imperio”, responsables de la violencia que intente derrocar la “revolución”; y la escasez y el hambre, son resultados de la “guerra económica” y no del recorte a las importaciones por Maduro mismo, el robo y los malos negocios con Wall Street. […]

  21. […] Esta es una de las muchas grandes mentiras, o mejor dicho, otra pequeña mentira que es parte de La Gran Mentira del gobierno Bolivariano. Esta Gran Mentira ha sido recientemente vomitada por nada más que Atilio Borón, quien hizo un llamado a Maduro a “aplastar” a la oposición. Borón, como Maduro y algunos de sus camaradas, representa un viejo y decrépito dinosaurio de izquierda, lo que no significa que sus puntos de vista hayan llegado a ser extintos. Al contrario, en Latinoamérica, y en muchas partes del mundo, ellos aún tienen un extraordinario poder en cuanto a  matrices de opinión y puntos de vista de izquierda. En su narrativa que se apega estrechamente a la ideología marxista leninista, la CIA es la causa de los disturbios en Venezuela y la gente en las calles son “lacayos del imperio”, responsables de la violencia que intente derrocar la “revolución”; y la escasez y el hambre, son resultados de la “guerra económica” y no del recorte a las importaciones por Maduro mismo, el robo y los malos negocios con Wall Street. […]

  22. […] Esta es una de las muchas grandes mentiras, o mejor dicho, otra pequeña mentira que es parte de La Gran Mentira del gobierno Bolivariano. Esta Gran Mentira ha sido recientemente vomitada por nada más que Atilio Borón, quien hizo un llamado a Maduro a “aplastar” a la oposición. Borón, como Maduro y algunos de sus camaradas, representa un viejo y decrépito dinosaurio de izquierda, lo que no significa que sus puntos de vista hayan llegado a ser extintos. Al contrario, en Latinoamérica, y en muchas partes del mundo, ellos aún tienen un extraordinario poder en cuanto a  matrices de opinión y puntos de vista de izquierda. En su narrativa que se apega estrechamente a la ideología marxista leninista, la CIA es la causa de los disturbios en Venezuela y la gente en las calles son “lacayos del imperio”, responsables de la violencia que intente derrocar la “revolución”; y la escasez y el hambre, son resultados de la “guerra económica” y no del recorte a las importaciones por Maduro mismo, el robo y los malos negocios con Wall Street. […]

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