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Venezuela bondholders inch toward showdown

Friday, July 7, 2017

New nationalisation threat in Venezuela?

The spectre of a state grab of oil assets looms as the nation moves to rewrite its constitution This week a key aide to Venezuelan president Nicolas Maduro threw something akin to a ticking time bomb into the middle of the country's oil sector. Hermann Escarra, a constitutional lawyer and adviser to the president, told a group of oil workers on July 4 that articles to nationalise 100% of state oil company PdV's joint venture projects had been drawn up as part of Maduro's push to rewrite the nation's constitution. Maduro has called for a National Constituent Assembly to draft a new constitution as the country's political and economic crisis deepens. The move could allow the president to circumvent the opposition-controlled National Assembly. More…

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