Opposition Condemns Goldman Sachs Purchase Of Venezuelan Bonds

The OAS has suspended its meeting called to discuss the political and economic situation in Venezuela, with the interventionist motion led by the US failing to muster the required majority to pass.

PDVSA's $4 billion of notes due in 2027 gained 0.5 percent to 39.22 cents on the dollar as of 1:31 p.m.in NY, the highest level in four months.

In a statement, Goldman Sachs said it made the purchase in the expectation that the political situation in Venezuela would improve. Accordingly, opposition leaders have labeled government debt "hunger bonds" and penned letters to global bank heads indicating that should they buy the bonds they ought to expect, well, more angry letters.

The comments mark one of the most aggressive critiques of the government of Venezuela's socialist President Nicolas Maduro to date from Videgaray, the former finance minister and close confidant of President Enrique Pena Nieto. "We agree that life there has to get better, and we made the investment in part because we believe it will", a statement released by GSAM said.

Goldman Sachs is continuing to be the focus of Venezuelan anger - at least for critics of the country's president.

Bonds issued by Venezuela's national oil company, Petróleos de Venezuela, or Pdvsa, "have attracted some of world's most sophisticated investors", the New York Times explained.

US State Department Undersecretary for Political Affairs Thomas Shannon said the ultimate goal of the declaration was to "return to full respect for the rule of law, full respect for freedoms of political expression and participation" in Venezuela.

Since April 1, Venezuela has been beset by near daily protests and violent clashes with government forces that have left 59 dead.

Among the large holders of Pdvsa bonds are BlackRock, T. Rowe Price, Fidelity, JPMorgan Chase and Ashmore, an emerging market specialist based in London, the Times reported.

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"No matter how hard they try, Goldman Sachs and his top executives can not embellish this deal, which is immoral for Venezuelans", Julio Borges, president of the Venezuela's opposition-controlled National Assembly, told El Nacional.

Venezuela grows little of its own food after the government nationalized much of the farmland, then abandoned managing it.

The letter adds that Congress will open an investigation into the transaction and that he will recommend "to any future democratic government of Venezuela not to recognize or pay these bonds".

Once South America's richest country and awash in oil, Venezuela's government under Hugo Chavez and Nicholas Maduro took less than two decades to destroy the nation's democracy and economy.

"I hope no one will commit treason by taking part in such an absolutely fraudulent process", opposition leader Henrique Capriles said.

Last month, lawmakers reached out to big Wall Street firms including Goldman Sachs, asking them not to help the country monetize its $7.7 billion in gold reserves.

An emotional gathering of the Organization of American States ended with no consensus, other than an agreement to keep talking.

Venezuela's President Nicolas Maduro shows a copy of a country's constitution during an official ceremony of a Campaign Command to support reforms to the constitution in Caracas, Venezuela May 29, 2017.

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