An association of financial derivatives confirms the "default" of Venezuela and PDVSA

An international association of the financial derivatives market confirmed unanimously today that Venezuela and state oil company PDVSA incurred a "default", which opens the way for claim insurance of debt default.

New York, Nov 16 (EFE) .- An international association of the financial derivatives market confirmed unanimously today that Venezuela and state oil company PDVSA incurred in "default", that opens the way to claim insurance of debt default.

The decision was adopted by the Americas Committee of the International Swaps and Derivatives Association (ISDA), from a high query several days ago about the sovereign bonds of Venezuela and those of the oil company of that country.

The fifteen representatives of the committee voted affirmatively to the question of whether Venezuela had incurred the non-payment of its bonds. incurred in a failure to pay credits from Venezuela, so he decided to meet again next Monday "to continue the discussions regarding the actions" pending.

This decision opens the way for claiming sums for non-payment credit insurance, although the way in which it will act, including the sums to be paid, will have to be decided later by a committee of the ISDA.

Today's vote was attended by representatives of financial institutions such as JPMorgan Chase, Goldman Sachs, BNP Paribas, Citibank, Deutsche Bank and Société Générale.

The announcement, which was anticipated in financial media, is known days after various rating agencies downgraded to the level of "default" or suspension of payments for different financial instruments of Venezuela and PDVA due to delays in payments or non-compliance.

It is also known while the Venezuelan Government is trying negotiate with its creditors a restructuring of its external debt.

According to official calculations, Venezuela has a total debt close to 150,000 million dollars.

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