Venezuela opposition slams Goldman Sachs for $2.8 billion bond purchase
05:30, Jun 6, 2017
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Besides the NY demonstrations, another protest is planned for Thursday in Miami, home to a large Venezuelan diaspora who have fled the economic and political turmoil engulfing the country.
"Given the unconstitutional nature of Nicolas Maduro's administration, its unwillingness to hold democratic elections and its systematic violation of human rights, I am dismayed that Goldman Sachs chose to enter this transaction with the Maduro regime", Borges wrote in a letter earlier this week. Opponents of President Nicolas Maduro want global investors to avoid such purchases because they help to finance a "government accused of human-rights abuses", WSJ reports. "We agree that life there has to get better, and we made the investment in part because we believe it will", a statement released by GSAM said.
A demonstrator wounded during clashes with security forces is carried away on a motorcycle in Caracas, Venezuela, Wednesday, May 31, 2017. The government must understand that it should listen to the Venezuelan people, ' Capriles said and called on the opposition to rally in front of the Interior Relations Ministry, but past midday no one from the opposition groups had shown up.
Bonds issued by Venezuela's national oil company, Petróleos de Venezuela, or Pdvsa, "have attracted some of world's most sophisticated investors", the New York Times explained.
Venezuela's opposition-controlled National Assembly voted on Tuesday to ask the US Congress to investigate the Goldman deal, which they called immoral and opaque.
"We don't want to make a quick buck and take on reputational risk", said Michel Del Buono, managing director at Makena Capital Management, which makes investments on behalf of endowments and has forgone Venezuelan debt.
But Maduro himself thinks that the OAS is part of the problem and last month he announced that Venezuela would withdraw as early as 2019.
"It is apparent Goldman Sachs decided to make a quick buck off the suffering of the Venezuelan people", Julio Borges, head of Venezuela's opposition-controlled congress, wrote in a public letter to Goldman Sachs CEO Lloyd Blankfein.
A meeting of the Organisation of American States to discuss the crisis in Venezuela ended without agreement in Washington on Wednesday.
Venezuela grows little of its own food after the government nationalized much of the farmland, then abandoned managing it.
"Given the irregular nature of this transaction and the absurd financial terms involved that are to the detriment of Venezuela and its people, the National Assembly will soon launch an investigation into the matter", he added.
Last month, lawmakers reached out to big Wall Street firms including Goldman Sachs, asking them not to help the country monetize its $7.7 billion in gold reserves.
The diplomats are holding an unusual meeting at the Organization of American States.
In New York Wednesday, Venezuelan Foreign Minister Delcy Rodriguez said Maduro's opponents should feel "deeply frustrated" that the USA -led plan to intervene in Venezuela's crisis had failed.
Lately, the opposition's ire has affixed to a new target, one outside Venezuela's borders: Goldman Sachs. Unable to secure enough support for either of two draft resolutions, the foreign ministers said they'd reconvene in a few weeks.
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