# Venezuela Sucking up Chinese Cash



## Manonthestreet (Dec 8, 2017)

you would think a revolutionary would know revolutionaries cant be trusted ..........
Venezuela: China's Sinopec sues oil company PDVSA over unpaid bills
Venezuela and PDVSA owe more than $60 billion just to bondholders. In total, the country owes $196 billion, according to a paper published by the Harvard Law Roundtable.

China's state banks loaned $60 billion to Venezuela between 2007 and 2016, and the lawsuit is just the latest sign that Beijing is growing impatient with the embattled South American country.

Sinopec doesn't hold back in its complaint, slamming PDVSA for its "disingenuous nature [and] feigned promises to make full payment."


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## Bleipriester (Dec 13, 2017)

Read here:
Russian loan conversion gives Venezuela leeway to deal with the crisis


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## Manonthestreet (Dec 13, 2017)

So past leeway......over the Falls in freefalll


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## waltky (Aug 20, 2018)

*Venezuela's massive currency devaluation is a 'scam'...*
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*Venezuela's massive currency devaluation is a 'scam' — and does 'nothing' to ease its economic crisis, analysts say*



_20 Aug.`18 - In a radical attempt to end a prolonged period of economic turmoil in the oil-rich, but cash-poor nation, Venezuelan President Nicolas Maduro announced Friday that his socialist administration would issue new banknotes after lopping five zeroes off the beleaguered bolivar.
[*]"I want the country to recover and I have the formula. Trust me," Maduro said in a speech broadcast on state television Friday evening.
[*]The International Monetary Fund (IMF) has predicted inflation in the country will exceed 1 million percent this year._



> [*]A major currency overhaul in Venezuela is due to come into effect Monday, with critics of the move fearful it will exacerbate hyperinflation in the crisis-stricken country.  In a radical attempt to end a prolonged period of economic turmoil in the oil-rich, but cash-poor nation, Venezuelan President Nicolas Maduro announced Friday that his socialist administration would issue new banknotes after lopping five zeroes off the beleaguered bolivar.  The move effectively devalues Venezuela's currency by around 96 percent, with the bolivar set to go from about 285,000 per dollar to 6 million. Other measures announced in Maduro's speech to the nation last week included highly-subsidized gas prices, a higher corporate tax rate and a massive minimum wage increase.
> 
> Economists say that by introducing the proposed measures, Maduro's administration is only likely to make matters worse. Caracas' cash-strapped government has recently defaulted on its bondholders and is currently facing the prospect of further U.S. sanctions.
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> ...


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## waltky (Aug 20, 2018)

See also:

*Residents of Brazil Border Town Attack Camps for Venezuelan Migrants*
*Aug. 19, 2018  — Residents of a border town in northern Brazil that has become a main entry point for Venezuelans seeking refuge destroyed migrant camps over the weekend in one of the most dramatic instances of a backlash to the Venezuelans’ growing presence there.*




> *After squatter camps in the border town of Pacaraima came under attack on Saturday, as many as 1,200 Venezuelans who feared for their safety rushed back into the country they had fled, military officials said.  The unrest in the main municipality along the border between Brazil and Venezuela began after the family of a local merchant told the authorities that he had been assaulted by a group of Venezuelans on Friday night, according to residents and officials. The authorities said on Sunday that the assailants’ identity and nationality had not been confirmed.*
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## Dan Stubbs (Oct 9, 2018)

Manonthestreet said:


> you would think a revolutionary would know revolutionaries cant be trusted ..........
> Venezuela: China's Sinopec sues oil company PDVSA over unpaid bills
> Venezuela and PDVSA owe more than $60 billion just to bondholders. In total, the country owes $196 billion, according to a paper published by the Harvard Law Roundtable.
> 
> ...


*China is going to lose their shirt and pants giving money to that gov, they should really know better.*


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