Results 1 to 2 of 2

Thread: China Offers Venezuela $5 Billion Loan To Support 'Ideological Ally' Maduro

  1. #1

    China Offers Venezuela $5 Billion Loan To Support 'Ideological Ally' Maduro

    For a brief period earlier this year, it appeared that Beijing had finally had enough of supporting its "ideological allies" in Caracas when it decided to limit its "exposure" to Venezuela after the country struggled to make interest payments on a $19 billion loan. But in the wake of reports that the US nearly supported a military uprising against the socialist government of Venezuelan President Nicolas Maduro, the Chinese Communist Party has apparently changed its mind. Instead of tightening the leash, Beijing has offered a $5 billion loan to the struggling socialist "republic" as Maduro prepares to travel to Beijing to grovel before the Party bosses, according to a Bloomberg report.

    The loan will provide the Venezuelan regime with a badly needed source of financing after it stopped making payments on its foreign debt earlier this year, effectively shutting the country out of international capital markets (and forcing Maduro to rely on unorthodox financing alternatives like the "petro").
    Venezuelan Finance Minister Simon Zerpa told Bloomberg News on Thursday that the country would pay back the loan with either cash or oil. The countries were expected to sign what Zerpa described as a strategic alliance on gold mining.
    "Venezuela has a great alliance with China," Zerpa said.
    The finance minister was speaking in Beijing ahead of a state visit by Maduro, who’s seeking greater Chinese support to weather a financial crisis that has led to unrest, assassination attempts and the collapse of the country’s currency. Maduro has halted most payments on Venezuela’s foreign debt and owes more than $6 billion to bondholders, cutting off most sources of new financing.
    Amusingly, Geng specified that the financing agreement would be "in line with international norms" (though, last time we checked, offering refinancing after refinancing with only promises of future oil shipments as a security is hardly 'standard' in global capital markets).

    More at: https://www.zerohedge.com/news/2018-...al-ally-maduro
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankind…it’s people I can’t stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment



  2. Remove this section of ads by registering.
  3. #2
    Venezuela’s President Nicolas Maduro is meeting with the top Chinese officials, including President Xi Jinping, as the socialist leader of the troubled Latin American oil producer is looking to convince China to provide new loans to plug some of the widening gaps in Venezuelan finances.
    In one of many tweets on Thursday praising China and its communist founder Mao Zedong, Maduro said that the two countries will boost economic, trade, energy, financial, political, and cultural ties.

    More at: https://oilprice.com/Energy/Energy-G...-To-China.html
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankind…it’s people I can’t stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment



Similar Threads

  1. Venezuela's Maduro Survives Assassination Attempt
    By angelatc in forum World News & Affairs
    Replies: 19
    Last Post: 08-14-2018, 04:41 PM
  2. Europe Tries Saving Venezuela, Gives 'Dictator' Maduro $47 Million
    By Swordsmyth in forum World News & Affairs
    Replies: 3
    Last Post: 06-08-2018, 07:45 AM
  3. Maduro’s grip on Venezuela’s military may be slipping
    By Swordsmyth in forum World News & Affairs
    Replies: 0
    Last Post: 01-27-2018, 02:26 AM
  4. Madonna calls Venezuela's president Maduro a Fascist
    By qh4dotcom in forum U.S. Political News
    Replies: 25
    Last Post: 02-23-2014, 06:29 PM
  5. China Offers Venezuela $20 Billion Deal
    By FrankRep in forum World News & Affairs
    Replies: 3
    Last Post: 04-29-2010, 12:16 AM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •