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News > Paraguay

Paraguay's Govt. Admits Guaido Offered to Reduce PDVSA Debt

  • Paraguay's President Mario Abdo (L) and Juan Guaido (R).

    Paraguay's President Mario Abdo (L) and Juan Guaido (R). | Photo: Twitter/ @NicmerEvans

Published 22 January 2021

The agreement to reduce the Paraguayan debt failed because Guaido's representatives had no legal status to recover Venezuela's assets abroad.

Paraguay's government on Thursday confirmed Venezuela's opposition politician Juan Guaido approved to cancel the Paraguayan debt to the state-owned Venezuelan oil company (PDVSA).


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Cabinet Chief Juan Villamayor assured Guaido intended to halve the US$273 million Paraguayan debt accumulated since 2009 and also remove 100 percent of the interests.

The official confessed after The Washington Post revealed information about contacts between Guaido and the Paraguayan government. 

Guaido's representatives traveled to Asuncion in November 2019 to cancel the debt after signing an agreement with the Paraguayan Oil company (Petropar). Shortly before the meeting, the South American country had broken relations with President Nicolas Maduro's government.

"The agreement failed because Guaido's representatives, including commissioner Javier Troconis, did not have legal status to recover those assets," Villamayor explained. 

One draft of the meeting, accessed by The Washington Post, revealed that Guaido's other representative, Argentinean lawyer Sebastian Vidal, was to take a US$26 million commission if the agreement succeeded.

"This deal is another of Guaido's efforts to grab Venezuela's financial assets abroad for his enrichment," Nicolas Maduro's government stated.

The litigation brought by PDVSA before the International Court of Arbitration (ICC) against Paraguay is paralyzed until its judges define the rightful creditor for the debt.

In March 2020, Paraguay's President Mario Abdo announced the Court frozen the process because his government did not recognize President Nicolas Maduro as Venezuela's legitimate leader.


Juan Guaido
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