Venezuelan Ministry of Finance places 97% of 2012 debt
In July, additional indebtedness for VEB 30 billion (USD 7 billion) was approved for payment of pensions and labor liabilities
The Venezuelan government has speeded up bond issuance and placed 97% of the 2012 total scheduled indebtedness.
According to figures of the Ministry of Planning and Finance, out of the total scheduled indebtedness, which totals VEB 94.5 billion (USD 21.97 billion), bonds worth VEB 91.8 billion (USD 21.38 billion) have been issued until October 26, which represent 97% of total debt.
The Venezuelan Central Government initially estimated indebtedness at VEB 64.5 billion (USD 14.99 billion). However, in July, additional indebtedness for VEB 30 billion (USD 7 billion) was approved for payment of pensions and labor liabilities.
Further, the Central Bank of Venezuela (BCV) informed on Thursday in a press release that the bonds auction program of the fourth quarter of 2012 has ended.
President Nicolás Maduro is not only the heir to the throne, but also to an economic crisis which demanded urgent measures to rectify the course. The crisis showed up in two aspects: a 50% inflation estimate, and shortage of staples ranging between 70% and 98%. These issues might hit the President's poor popularity; considering his feeble electoral victory of 1% over his challenger.