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  • Venezuelan and PDVSA flags wave together in Caracas, Venezuela, Oct. 10, 2020

    Venezuelan and PDVSA flags wave together in Caracas, Venezuela, Oct. 10, 2020 | Photo: EFE

Published 12 October 2020
Opinion

"This decision will safeguard the investors' rights without affecting the country's economic recovery," the Bolivarian authorities stated.

To address the economic crisis imposed by the U.S. sanctions, Venezuela's authorities Monday extended for one month the offer made to the bondholders of Petroleos de Venezuela S.A. (PDVSA) and the National Electric Corporation S.A. (Corpoelec).

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"This decision will safeguard the investors' rights without affecting the country's economic recovery," Venezuela's Economy Ministry stated.

In 2017, Venezuela called on bondholders for a dialogue to restructure the debt. However, constant U.S. enforcement measures against the country were and continue to impede achieving this goal.

Therefore, in September, the Ministry presented an offer to investors and creditors given the country's difficulties in achieving the restructuring and payment of the debt.

"Today, Washington's economic and financial blockade on Venezuela forces us to extend the offer until November 13," the Ministry added.

The offer proposes to interrupt the prescription periods of some bonds issued by PDVSA and Corpoelec.

"Despite the limitations imposed by the coercive measures, Venezuela maintains its will to advance in a debt restructuring negotiation," Economy Ministry explained.

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