Venezuela faces more isolation, sanctions after contested vote

[Zorro]

The United States condemned closely watched regional elections in Venezuela as neither free nor fair Monday, as European countries weighed imposing sanctions, leaving President Nicolas Maduro increasingly isolated after declaring a landslide win.

Maduro's opponents cried foul after official results said his socialist party won governorships in 17 of the troubled oil producer's 23 states in Sunday's elections, defying opinion polls.

Experts said Venezuela's punishing political and economic crisis will only deepen. But it is unclear what moves are now open to the opposition Democratic Unity Roundtable (MUD), which rejected any talks with the government without a full recount.

Washington -- which has imposed sanctions on Maduro and his inner circle over what it calls Venezuela's slide into dictatorship -- said the lack of outside observers, last-minute changes to polling station locations and other irregularities meant the vote was not credible.

https://www.yahoo.com/news/maduro-claims-landslide-win-disputed-venezuela-elections-043502632.html

[Purveyor]

1. Then there is this: IMF Crunches The Numbers For Possible Venezuela Rescue

The International Monetary Fund has begun preparations for a possible rescue of Venezuela that could require $30bn or more in international help annually and come alongside one of the world’s most complex bond restructurings and a big test of Fund rules. 

The IMF has had no official relationship with Venezuela since Caracas cut off relations in 2007 and has not conducted an on-the-ground review in 13 years. Officials insist no rescue is imminent and publicly say they are simply conducting normal surveillance, stressing that they have had no meaningful contact with the government other than occasional low-level responses to requests for data. 

But in recent months IMF staff have quietly crunched numbers for a potential bailout that, were it to happen, could be bigger financially and more politically complex than its much-criticised involvement in Greece. 

“The market needs to be properly prepared for this,” said a senior IMF official. “This is going to be Argentina meets Greece in terms of complexity,” added Douglas Rediker, a former US representative at the IMF.

more...

https://www.ft.com/content/3908e5c0-b19b-11e7-a398-73d59db9e399

[Purveyor]

2. And then this: Russia And Venezuela To Do Debt Restructuring Deal By Nov. 15 - TASS

Russia and Venezuela to do debt restructuring deal by Nov. 15 - TASS

MOSCOW, Oct 15 (Reuters) - Russia and Venezuela will finalise a debt restructuring deal for Caracas by Nov. 15, the TASS news agency cited Venezuela’s ambassador to Russia as saying on Sunday.

“We are working on the document,” TASS cited Ambassador Carlos Rafael Faria Tortosa as saying. “We expect that we will need a month to conclude it and that by Nov. 15 this work should be finished.” (Reporting by Andrew Osborn; Editing by)

http://www.reuters.com/article/russia-venezuela-debt/russia-and-venezuela-to-do-debt-restructuring-deal-by-nov-15-tass-idUSL8N1MQ0EB

[GatoGordo]

3. The clock runs out in 2 weeks.

They don't have until November 15 to restructure anything. The bills come due on November 2, and if Maduro doesn't come up with $2.9 billion by then, he defaults. No grace period. No delays. No second chances.

China is tired of waiting for Venezuela to pay. Their oil is thicker than asphalt, hard to pump and full of sulfur. It is expensive to refine. They LOSE money by pumping it out at less than $60 per barrel. And nobody knows what sort of deal Maduro will offer the Russians. He has already mortgaged everything of value. And while a very few countries can cut a check for $3 billion, even Russia can't do that easily. (The Venezuelans have already missed a $1 billion payment to the Russians in June)

[GatoGordo]

4. add:

$3.526 billion over the next six weeks, according to the Inter American Trends consultancy.

That is what is due bond holders. Not the Russians, who are renegotiating services already rendered.

[Bacchus4.0]

5. The US and Europe have a funny definition of democracy apparently nt