“Investors have previously estimated that Venezuela also owes $30bn-$50bn to oil companies and trade creditors for unpaid invoices and more than $20bn in legal claims awarded to companies after Chávez’s regime expropriated their property.
Venezuela has also been estimated to owe $10bn-$20bn to China in debts that Caracas previously paid from oil exports but is believed to have stopped servicing, about $6bn to Russia, and $4bn to development banks” (FT).
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“Investors have previously estimated that Venezuela also owes $30bn-$50bn to oil companies and trade creditors for unpaid invoices and more than $20bn in legal claims awarded to companies after Chávez’s regime expropriated their property.
Venezuela has also been estimated to owe $10bn-$20bn to China in debts that Caracas previously paid from oil exports but is believed to have stopped servicing, about $6bn to Russia, and $4bn to development banks” (FT).
The legal claims from expropriation, I get that... but everything else was actually borrowed.
Whether the form was debt issuance or unpaid accounts payable, the rest actually was borrowed.
It's kind of an "impressive accomplishment" in my view.
It matters by whom it was lent. Caracas telling China to fuck off is pretty easy right now. Less so if it’s an American investor.
If anyone has an outline of to whom the other hundreds of billions are owed, I’d be curious to see it.
Me too. That's one of my questions. The other questions I have are about the shocking misuse of funds.