Published: Tue, June 06, 2017
Worldwide | By Sean Reid

OAS, European Parliament Weigh Venezuela Crisis

OAS, European Parliament Weigh Venezuela Crisis

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.

Even at 31 cents on the dollar, Nomura is taking a risk buying the bonds.

Activists hold signs during a protest against Goldman Sach's bond purchase transaction with Venezuela's Nicolas Maduro outside Goldman Sachs headquarters May 30, 2017 in NY. But Maduro can still count on substantial support, among them the president of his so-called people's" constituent "assembly Elias Jaua: "For all of those who always doubt him, for those who are shocked by political audacity, today we can say Nicolas was right to call the Constituent Assembly, which is to say, to call on the power of the people". "We agree that life there has to get better, and we made the investment in part because we believe it will", the Wall Street bank affirmed.

One elderly woman who was tear gassed said, "I am sick, I have been searching for the medicine that I can't find, but the police are upset because people want to gather on a street corner to protest".

The text backs mediation efforts by many countries in the region and calls on the EU's High Representative for foreign policy to explore actively with worldwide and regional organisations "other measures that would enable the European Union to restore full democracy to Venezuela".

"Tonight, millions of venezuelans will go to bed hungry and without the possibility of obtaining the medicines that they need, or exhausted and bloody following their legitimate peaceful protests for democracy and the right to vote, as victims of a brutal regime that Goldman Sachs chose to support", he continued.

Many economists say the only way to improve the country's situation is to scrap price and currency control systems that have hobbled the private sector.

The National Assembly also approved a motion late Tuesday to petition the U.S. Congress to probe the deal, which lawmakers said will prop up the country's embattled president.

"We recognise that the situation is complex and evolving and Venezuela is in crisis".

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Venezuela is grappling with regular anti-government demonstrations and dozens of people have died in protest-related violence since April.

In a statement, Goldman confirmed the purchase, without mentioning how much it paid.

Goldman's purchase of Venezuelan bonds is a problem both optically and ethically, a former managing director at the financial firm told CNBC on Tuesday.

Venezuela's political, economic and social breakdown is getting a hard look from the global community on Wednesday, with the Organization of American States considering solutions at a special meeting in Washington and the European Parliament doing the same, hours earlier, in Brussels.

The broker said he did not expect the bonds to trade unless Goldman chose to sell them.

Although the US$2.8 billion deal is a boost to the economy, opposition leaders accused Goldman Sachs of providing a "lifeline" to a "dictatorship".

In Washington, the Organization of American States so far has received two draft resolutions for discussion Wednesday.

Maduro's government has denied a humanitarian crisis exists. Beke said her mother, Rebecca, lost her battle with cancer past year.

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