PDVSA Continues to Slime it's Contractors

Apr 29, 2009 Full story: www.fool.com

Back in January, PdVSA had racked up nearly $8 billion in unpaid invoices, and was stiffing contractors....

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“Choose the "Happy" glass!”

Since: Sep 08

Medellin, Colombia

#1 Apr 29, 2009
These guys aught to be pumping that crude into their own ships, and balancing the debt.

Cha Cha Chavez is all talk, and the poor Venezuelan people really believe too much.

Does Cha Cha really think others will invest, when his reputation is CEMEX, HOLCIM, HALLIBURTON, HELMERICH & PAYNE, EXXON, and WILLIAMS, etc ?

He's running the place to the edge, eyes closed!
Gianni

Silea, Italy

#2 Apr 29, 2009
PdVsa it's so squeezed by Chavez's administration that his debts toward inner Venezuelan companies are more than 3 billions of US $ and the problem is that those companies are suffering with banks and may affect their workers too.

The only way for get some cash and pay at least them is to sell Citgo and put other bonds, but in the internal market because it's international credibility for payments it's burned! Long term PdVsa bond it's actually traded at 38% of its nominal value and internal financial market it's just flooded with Government's bond !!! Paper, paper and other paper after Chavez's bolt empty words before elections "We have cash pillow" "We have strategic reserves to get by with no restrictions for Venezuelan people" and so on. And now is Rafael Ramirez that has to say the bad news...

Plus PdVsa want to cut to that companies 40% off the value for the work they have to do... otherwise they will get no money at all.
How will be the impact on those companies and their employee?
Gianni

Silea, Italy

#3 Apr 30, 2009
... and this is an interesting link showing how 'll works the castle of PdVsa new paper bonds for which rumors are on:
http://devilsexcrement.com/2009/04/29/pdvsa-z...

and how is going economics under Chavez management:
http://devilsexcrement.com/2009/04/26/economi...

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