The world is a complex place, in which you may find a socialist Latin American strong man locking arms with one of the most powerful capitalist (and Globalist) families in the world.

Right now, the diplomatic and commercial relations between the US and Venezuela are at a very low point, after the US re-imposed sanctions on the oil and gas industries.

The clueless Joe Biden administration tried to engage dictator Nicolas Maduro, but his utter failure to live up to his promises – to hold a fair Presidential election – have made the return of the sanctions inevitable.

Venezuelans are set to vote on July 28 in a rigged election that will pit Maduro against the opposition candidate, ambassador Edmundo Gonzalez.

Now, Venezuela’s government has hired Rothschild & Co. as a ‘financial adviser’ to provide an overview of its foreign debt obligations.

Bloomberg reported:

“Rothschild is working to map out what the administration owes and to whom, said the people, who asked for anonymity to discuss a contract that has not been made public. Debt mapping is normally a preliminary step taken by a government before it prepares to start a restructuring.”

One is left wondering what warrants such secrecy.

“Venezuela owes roughly $154 billion to overseas lenders — according to an estimate from economist Francisco Rodriguez, a professor at the University of Denver — including global bonds issued by the government and state oil company, which have been in default for more than six years. It’s been accumulating interest on those bonds and court judgments for unpaid commercial loans.

Sovereign bonds trade for around 20 cents on the dollar, while defaulted notes issued by Petroleos de Venezuela SA exchange hands for around 11 cents, according to indicative pricing compiled by Bloomberg. The debt has rallied since JPMorgan Chase & Co. laid out a plan to re-weight the securities in widely followed emerging-market debt indexes back in February.”

The hiring of Rothschild & Co. comes as Maduro’s administration means to reengage with global markets, institutions and ratings firms after years as an international pariah.

Maduro has hinted to be willing to work with creditors, but talks have never progressed.

“Washington doesn’t recognize Maduro, and sanctions prohibit the government from selling debt on US markets. Sanctions would need to [be] changed before a debt restructuring could be carried out.”

Read more:

Clueless Biden Administration Engaged Venezuela’s Socialist Dictator Maduro, Got Burned – Will Have To Reimpose the Trump Sanctions

The post Maduro’s Venezuela Hires the Rothschilds To Help Restructure Its Foreign Debt appeared first on The Gateway Pundit.

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