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Step by Step: How to fabricate news about the 'default' in Venezuela

Let us not forget that Standard & Poor, Moody and Fitch rating services are financed by the banks and therefore have no real independence.

Part 3 - Are there non-payments or not?

The economist Luis Enrique Gavazut, Member of the Economic Observatory of the Presidency, told RT that the Standard & Poor's rating is a "premature declaration," based on the fact that Venezuela did not pay US$200 million.

"It is nothing but a payment of interest. It is pretty mundane and of low magnitude," says Gavazut, if compared with the cancellation of the external debt announced Tuesday by Communications Minister Jorge Rodriguez.

In his opinion, both amounts should be compared: US$200 million, with the interests of the "magnitude" of an external debt that amounts – according to the figures of the high government – to about US$150 billion at this time.

This announcement is part of the other two payments for PDVSA bonds made by Venezuela weeks ago, amounting to almost US$2 billion and that "were the last that could be made under these conditions," before announcing the refinancing and restructuring of the debt.

For Francisco Gonzalez, international analyst interviewed by RT, the media created the so-called default, "The media published that information to generate fear in the private investors," he said, because that can discourage them from buying bonds and investing in Venezuelan debt.

"They want to cut off foreign investment in the country," he pointed out. Gonzalez also exposed that this campaign seeks to discredit the South American country and create the opinion that Venezuela is not in a position to meet its financial commitments.

In the opinion of Professor Gonzalez, they are seeking to asphyxiate the economy and isolate Venezuela politically until it has "no credit possibilities and drown(s) financially little by little.” He also explained that although the issue of possible non-payment has been spread by the U.S. and European media, a “default” in this case does not correspond to the policy of multilateral agencies.

The fact is that a US$200 million interest payment may have arrived late to some bondholders but was this really a late payment or the international banks dawdling on the transfer to paint Venezuela in a bad light? This has been done in the past and Citibank even made a statement that “Venezuela had paid late” when the funds were held up in the system.

Let us not forget that Standard & Poor, Moody and Fitch rating services are financed by the banks and therefore have no real independence. By extension, the banks are beholden to orders from the U.S. Treasury Department and will apply sanctions and blocking measures if required to do so. All are the politico-financial arm of the U.S. administration and its perceived global financial hegemony based on a fiat currency.

Gonzalez agreed with Gavazut that the objective is to "generate fear in private investors" not to buy bonds, not to participate in the renegotiation of the debt and finally, not to invest.

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