In Venezuela’s Dark Hour, Goldman Sachs Sees An Investment Opportunity

A truck burns behind a man perched near a traffic barrier in Caracas, Venezuela, on Saturday. In more than 60 days of unrest, at least 60 people have died in violence related to protests against President Nicolas Maduro.
Fernando Llano/AP

From “As Venezuela Enters 3rd Month Of Protests, Anti-Maduro Ire Finds New Target,” in NPR

By Colin Dwyer

It has been more than 60 days since Venezuela’s Supreme Court moved to dissolve the country’s National Assembly. The move, intended to eliminate a thorn in the side of embattled President Nicolas Maduro, was reversed after three days — but the political fallout has barreled into its third month, roiling city streets across the country.

In that time, the list of protesters’ demands — from the resumption of local elections to an end to the nationwide food shortage to even the ouster of Maduro — has grown. And the death toll has mounted.

As The Associated Press reports, at least 60 people have died in clashes between demonstrators and security forces, and at least 1,000 protesters have been jailed.

More than 250 people were injured in Monday’s protests alone, according to the BBC.

Lately, the opposition’s ire has affixed to a new target, one outside Venezuela’s borders: Goldman Sachs Group Inc.

An anti-government protester runs past a burning truck blocking the Francisco Fajardo Highway in Caracas on Saturday. The demonstrations across Venezuela are entering their third month.
Luis Robayo/AFP/Getty Images

Last week, the Manhattan-based investment bank bought bonds from Petróleos de Venezuela, the state-run oil and natural gas company. According to multiple media outlets, the deal included $2.8 billion in bonds — a purchase that, despite the reportedly steep discount the company offered, is a much-needed boon to an oil-rich government reeling partly from anemic oil prices worldwide.


Categories: Americas, Economic policy, Foreign affairs, History, Political economy, Politics, South America, Top stories, Venezuela, World history, World news

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