Last week, a Paris court ordered
Venezuela to pay Gold Reserve Inc. $746 million to compensate the Spokane,
Washington-based company for mining permits that were canceled in 2008 by
then-President Hugo Chavez. If Venezuela fails to pay within 30 days and doesn’t
appeal, the nation would violate debt agreements that require it to honor
judgments exceeding $100 million, according to Barclays Plc. The ruling is part
of what Scotiabank estimates may be as much as $20 billion in legal claims
against Venezuela that are likely to make Maduro’s efforts to stave off a
default even more difficult. More… 
Friday, February 6, 2015
Venezuela Bondholders Haunted by Chavez-Era Legal Claims
Last week, a Paris court ordered
Venezuela to pay Gold Reserve Inc. $746 million to compensate the Spokane,
Washington-based company for mining permits that were canceled in 2008 by
then-President Hugo Chavez. If Venezuela fails to pay within 30 days and doesn’t
appeal, the nation would violate debt agreements that require it to honor
judgments exceeding $100 million, according to Barclays Plc. The ruling is part
of what Scotiabank estimates may be as much as $20 billion in legal claims
against Venezuela that are likely to make Maduro’s efforts to stave off a
default even more difficult. More… 
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment