March 6, 2021

Parliament estimates the debt of Venezuela at more than 160,000 million dollars

The Venezuelan parliament, with an opposition majority, on Tuesday estimated in more than 160,000 million dollars the sovereign debt of the country before the "concealment of figures" by the authorities, and blamed the ruler Nicolás Maduro for having mortgaged the South American nation.

"Venezuelan debt is estimated, among the most conservative, at a minimum of 130 billion dollars, and among the least conservative at a maximum of 198 billion dollars (…) this gives an average of 160 billion dollars. dollars, "said deputy Luis Stefanelli in a debate on the country's indebtedness.

The legislator explained that he reached these estimates by consulting at least six experts on the subject and following the review of a report from Parliament.

As he explained, the "only debt" Venezuela has up to date with the creditors is that of the 2020 bond, "of the rest we are not up to date with any of the debtors."

During the parliamentary debate, lawmakers said Venezuela began to enter into a recession of payments (default) in October 2017.

As of that date, Venezuela "suspended the payment of its obligations to the bondholders (…) That more or less reaches a sovereign debt of 7,000 million dollars," said parliamentarian Williams Dávila.

For his part, the deputy Alfonso Marquina said that the Venezuelan debt is more than 175,469 million dollars and as an example indicated that the state-owned oil company PDVSA has a financial debt of 34,555 million dollars while the external debt issued by the Ministry of Finance is of 46,440 million dollars.

"In less than 20 years, during the largest, highest and longest oil boom in the entire republican history of Venezuela (…) Venezuela became indebted as never before, passing a public debt in 1998 of only 27,000 million dollars to 175 billion dollars (today), "Marquina said.

In that sense, he criticized Maduro to maintain that the economic sanctions of the United States are responsible for the current economic crisis in the country.

"Do not come to tell me Mr. Hard Face, Mr. Maduro, to say that Venezuela is as it is for economic sanctions, not Mr. Maduro. Venezuela is as it is because you and the corrupt who have ruled this country not only broke it but also they mortgaged her, they borrowed her, "he said.

. (tagsToTranslate) Parliament (t) estimates (t) millions (t) dollars (t) Venezuela

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