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WORLD NEWS Tuesday 14 November 2017

Uncertainty clouds plans for Venezuela’s financial recovery

them with no blueprint as a financial woes. He pointed which is in the form of dol-
starting point and officials out that since taking of- lar-denominated bonds.
heading the talks have fice in 2013, Venezuela has The drop in crude prices
been sanctioned by the made more than $70 billion has ravaged the country
Trump administration, mak- in debt payments, includ- that sits atop the world’s
ing it illegal for Americans ing more than $2 billion in largest oil reserves, leading
to negotiate with them. the past month. to widespread shortages
President Nicolas Maduro “Our strategy is to renego- amid triple-digit inflation.
invited investors to Caracas tiate and refinance all the Strained relations between
a little more than a week debt,” Maduro said in a Venezuela and the United
ago while announcing his televised address Sunday in States are compounding
goal of renegotiating a for- which he also announced the situation.
eign debt that he said has a deal to refinance its debt The Trump administration
become impossible to re- with ally Russia. “Let all has sanctioned a growing
pay because of a U.S.-led creditors be clear.” list of Venezuelan officials,
financial “blockade” of the As Venezuela spent heav- including the government’s
socialist-run country. ily on social programs top two debt negotiators,
Venezuela’s President Nicolas Maduro speaks during a press On the eve of the meet- under the late President Economy Minister Simon
conference at the Miraflores presidential palace, in Caracas, ing Maduro tried to send Hugo Chavez, a time when Zerpa and Vice President
Venezuela. The EU on Monday Nov. 13, 2017 banned arms sales a reassuring message that global oil prices soared, its Tareck El Aissami, who is
to Venezuela and set up a system to slap asset freezes and
travel restrictions on Venezuelan officials as it seeks to ramp up Venezuela will avoid de- debt skyrocketed to over accused of being a major
pressure on President Nicolas Maduro. The move was decided fault despite its mounting $120 billion, about half of drug trafficker. q
by EU foreign ministers at talks in Brussels.
(AP Photo/Ariana Cubillos)
By SCOTT SMITH for the oil-rich country.
Associated Press Investors eager to be paid
CARACAS, Venezuela (AP) back, however, worry that
— Cash-strapped Venezu- confusion clouds the meet-
ela will launch into a discus- ing.
sion Monday with foreign It’s nearly impossible for
investors about rescuing Americans to enter Ven-
itself from crushing debt in- ezuela on short notice, the
curred during better times government has provided

Acapulco’s Bloody Sunday:

8 dead and 5 bodies found

By JOSE IVERA young men found with tour-
Associated Press niquets around their necks
ACAPULCO, Mexico (AP) and signs of torture in the
— Eight people were killed San Agustin neighborhood
and five other bodies found on Acapulco’s northern
in a clandestine grave in outskirts.
Acapulco on a particu- Later in the morning, a gun
larly bloody Sunday for the battle broke out between
violence-plagued Pacific police and armed men on
coast resort city. a central avenue, setting
“It was a horrible day,” off a chase that ended
said Roberto Alvarez, se- with one suspect killed and
curity spokesman for Guer- three arrested.
rero state, which is home to Still before noon, two gun-
Acapulco. men stormed into a bar
The violence began early and shot dead a man and
when police were alerted a woman who were drink-
to the dead bodies of three ing there. q