Venezuela Launches Oil-Backed ‘Petro’ Cryptocurrency Amid US Sanctions

Venezuela Launches Oil-Backed ‘Petro’ Cryptocurrency Amid US Sanctions:

MOSCOW (Sputnik) – The pre-sale of Venezuelan own cryptocurrency “Petro,” which is backed by the country’s oil reserves, has started.

Venezuelan President Nicolas Maduro announced on Twitter that the cryptocurrency that has been launched at 4 am GMT was poised to strengthen the national economy and help overcome the financial blockade.

In December, Maduro announced the idea to create a cryptocurrency system, called Petro and backed by the country’s oil reserves, which is expected to help the country to overcome the financial blockade. The Venezuelan Finance Ministry noted that cryptocurrency was necessary for carrying out financial transactions and searching for new financing options.

Read moreVenezuela Launches Oil-Backed ‘Petro’ Cryptocurrency Amid US Sanctions

Shocking Footage Shows Crowd Of Hungry Venezuelans Slaughtering A Cow In The Open

…mobs of hungry Venezuelans have started looting supermarkets and slaughtering cattle in the open to survive

Shocking Footage Shows Crowd Of Hungry Venezuelans Slaughtering A Cow In The Open:

Venezuelan President Nicolas Maduro’s plan to order markets to slash prices of food – an attempt to combat speculation and rampant inflation of the bolivar – has apparently backfired as mobs of hungry Venezuelans have started looting supermarkets and slaughtering cattle in the open to survive, Reuters  reports.

Last week, we reported on near-riots that broke out in Caracas after the mandatory price cuts for food stoked widespread shortages as what little inventory that remained on market shelves quickly disappeared.

Read moreShocking Footage Shows Crowd Of Hungry Venezuelans Slaughtering A Cow In The Open

Maduro Unveils “The Petro”: Venezuela’s Official Cryptocurrency To “Overcome Financial Blockade”

Maduro Unveils “The Petro”: Venezuela’s Official Cryptocurrency To “Overcome Financial Blockade”:

Three months ago, in a not entirely surprising move meant to circumvent US economic sanctions on Venezuela, president Nicolas Maduro announced that his nation would stop accepting dollars as payment for oil imports, followed just days later by the announcement that in a dramatic shift away from the Petrodollar and toward Beijing, Venezuela would begin publishing its oil basket price in Chinese yuan. The strategic shift away from the USD did not work quite as expect, because a little over two months later, both Venezuela and its state-owned energy company, PDVSA were declared in default on their debt obligations by ISDA, which triggered the respective CDS contracts as the country’s long-expected insolvency became fact.

Fast forward to today when seemingly impressed by the global crypto craze, Maduro on Sunday announced the creation of the “Petro“, Venezuela’s official cryptocurrency “to advance in the matter of monetary sovereignty, to make financial transactions and to overcome the financial blockade”.

“Venezuela announces the creation of its cryptocurrency, the Petro; this will allow us to move towards new forms of international financing for the economic and social development of the country,” Maduro said during his weekly television program, broadcast on the state channel VTV.

Read moreMaduro Unveils “The Petro”: Venezuela’s Official Cryptocurrency To “Overcome Financial Blockade”

Venezuela Just 24 Hours Away From Formal Declaration Of Default

Venezuela Just 24 Hours Away From Formal Declaration Of Default:

ISDA has agreed to review a request to determine whether an event of default has occurred in Venezuela due to a delayed bond payment on PDVSA bonds which matured on Nov. 2. The ISDA Determinations Committee will hold its first meeting regarding PDVSA at 11am on Friday, November 10.

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Venezuela’s president, already mocked for gaining weight amid a hunger crisis, pulls out an empanada from his desk during a live TV address.

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“Tomorrow Will Be Ugly”: Venezuela To Restructure All Debt As Creditors Panic Over Imminent Default

“Tomorrow Will Be Ugly”: Venezuela To Restructure All Debt As Creditors Panic Over Imminent Default: 

One week ago, we and many others wondered, if the time has finally come for Venezuela, which was facing a “no grace period” $842 million principal payment for bonds issued by state-run energy company PDVSA, to default on its billions of unrepayable obligations. As we reported then, the liquidity crisis for Venezuela was especially acute because even if it did make the first PDVSA payment, it was facing a second, even larger one today, when PDVSA had to make another $1.121BN payment.

Well, despite a several day transfer delay, Venezuela did make the first payment, however it was not clear if Caracas would also make today’s payment, although as Reuters reported earlier, “markets remained optimistic that President Nicolas Maduro’s government will make the payment, though investors expect delays. PDVSA last week struggled for days to deliver funds for a separate bond payment amid confusion over which banks were charged with transferring the money.”

PDVSA bonds were down slightly in early trading on Thursday, while Venezuelan bonds were mixed, according to Thomson Reuters data.

However, as we previewed again last week, and as Reuters confirmed today, “most economists say a default is increasingly likely in the medium term as Venezuela’s collapsing socialist economic model has left the once-prosperous population destitute and led to deterioration of the OPEC nation’s vital oil industry.”

It now appears that that is indeed the case, and the long overdue Venezuela default, which has been speculated ever since 2014, is finally nigh, because during a nationwide TV address, Venezuela’s socialist president Nicolas Maduro said the country will seek to restructure its global debt after the state-owned oil company makes the PDVSA payment due at midnight. Maduro blamed a financial blockade that is preventing the nation from rolling over its debt, according to Bloomberg.

“I decree a refinancing and restructuring of all foreign debt and all Venezuelan payments,” Maduro said. “We’re going to a complete reformatting. To find an equilibrium, and to cover the necessities of the country, the investments of the country.”

Read more“Tomorrow Will Be Ugly”: Venezuela To Restructure All Debt As Creditors Panic Over Imminent Default

Venezuela: Mixed reaction online after election results

Venezuela: Mixed reaction online after election results:

Venezuela’s ruling socialists won a surprise majority in Sunday’s gubernatorial elections, prompting the opposition to refuse to accept the results and call on its supporters to take to the streets.

Tibisay Lucena, the president of the National Electoral Council (CNE), announced that the ruling party (PSUV) swept the regional elections, winning 17 of the 23 the governorships, with a turnout of more than 61 percent. 

Read moreVenezuela: Mixed reaction online after election results

Venezuela has support of ‘whole world’ against US hostility: Maduro

Venezuela has support of ‘whole world’ against US hostility: Maduro:

Following a tour of Russia, Turkey and Belarus, Venezuelan President Nicolas Maduro says his country is receiving support from a “new world” thanks to the sanctions ordered by his US counterpart, Donald Trump, against Caracas.

Speaking on a weekly program on state TV on Sunday, Maduro said he has found out that his country “is not alone and has the sympathy, solidarity and support of the whole world.”

“A whole new world is opening up for Venezuela thanks to Trump’s sanctions,” Maduro said.

Read moreVenezuela has support of ‘whole world’ against US hostility: Maduro

Venezuelan President Nicolas Maduro To Generals: Prepare For War With “Criminal Empire” US

Maduro To Generals: Prepare For War With “Criminal Empire” US:

After barely managing to scrape together the nearly $200 million needed to make a bond payment earlier this month (the country made the payment a week late), Embattled Venezuelan President Nicolas Maduro is refocusing his attention on the US, warning military leaders Tuesday to begin preparing for war with the US. Maduro’s call to arms comes after the US has repeatedly tightened sanctions against Maduro’s regime and the country’s state-run oil company; earlier this week, the Trump administration blocked Venezeulan officials from entering the US as part of the White House’s new “targeted” travel ban. Trump has also repeatedly threatened a military intervention if Maduro doesn’t leave voluntarily.

Maduro is probably still brooding over Trump’s call for the world community to help restore “democracy and political freedoms” to Venezeula by ousting Maduro (to which Maduro reportedly responded in typical leftist fashion by comparing Trump to Hitler).  Trump made those remarks last week during his first address to the UN General Assembly. Earlier this year, Trump said he wouldn’t rule out a military option for dealing with Venezuela, adding that the US has an obligation to take of the country because it’s “our neighbor.”

Maduro said Trump’s threats were the reason for him ordering the military to be on alert.

Read moreVenezuelan President Nicolas Maduro To Generals: Prepare For War With “Criminal Empire” US

Venezuela: Target of Economic Warfare

Venezuela: Target of Economic Warfare 

H/t reader squodgy:

“VENEZUELA:~
Delve deeper to find the system is being sabotaged by the US backed Private Enterprise Sectors who are determined to break the country and its people so the Global Oil Corporations…Exxon, Shell, BP etc can step in, unhindered and steal the largest oil reserves in the world.”

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