Venezuelan Oil Minister Nelson Martinez will swap roles with the head of the country's state-run oil company Eulogio del Pino in the latest attempt by the socialist administration of President Nicolas Maduro to reverse the ruinous decline in revenues from crude oil.
Venezuela bonds fell on Wednesday following a report the US government was considering a ban on trading in the country's debt, with some securities touching their lowest in 18 months.
Credit Suisse already has prohibited staff from trading in certain Venezuelan bonds due to reputational risk, according to an internal memo seen by Reuters, saying the bank does not want to be involved in any transaction with a government that violates human rights.
"We will not stand by as Venezuela crumbles", the White House said in a statement.
The outlook has grown even bleaker with the implementation of U.S. sanctions against key officials with the Maduro administration, making financing the debt-burdened company even more hard.
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Venezuelans who oppose the regime argue that when banks buy the government's bonds, they extend a financial lifeline to a dictatorship.
Departing on August 9, the first of a monthly shipment holding 60,000 tons of wheat will make its way to the Bolivarian nation, honoring an agreement made between the Russian and Venezuelan government in May. Opposition leaders criticized a transaction in May in which Goldman Sachs Asset Management bought nearly $3 billion of securities from the central bank through a broker, and have called for an investigation.
On August 12, Trump told reporters that a military option in Venezuela is on the table.
Del Pino will soon go on a series of foreign trips to strengthen alliances ahead of a meeting of heads of state which will seek accords on oil and gas prices, President Nicolas Maduro said on state television.