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Borges asks that the functions be returned to the Parliament to refinance the debt

The president of the Venezuelan Parliament, the opposition Julio Borges, today asked the Government of Nicolás Maduro to return the powers to the Chamber, thus making possible the refinancing of the external debt that the Venezuelan Executive needs to be able to continue paying the bondholders.

Caracas, Nov 12 (EFE) .- The president of the Venezuelan Parliament, the opposition Julio Borges, today asked the Government of Nicolás Maduro to return the powers to the House, thus making possible the refinancing of the external debt that the Venezuelan Executive needs to be able to continue paying the bondholders.

The opposition politician affirmed that the Government must "admit that only with a coherent economic program and returning its powers to the National Assembly (Parliament) will it be possible to refinance the external debt. "

According to Borges," the country needs a comprehensive economic plan and return to democracy to refinance the debt "with the approval of the Parliament, in the hands of the opposition and that has been stripped of its powers legislative and control by several decisions of the Supreme and the National Constituent Assembly.

Maduro ordered at the beginning of this month a renegotiation of the external debt of the country that First, Venezuela's bondholders and its state oil company, PDVSA, must accept.

The Government of Caracas and the holders of its public and PDVSA debt are meeting tomorrow in the Venezuelan capital to discuss a possible refinancing that will give the Caribbean country possibilities to continue fulfilling its commitments and not fall into suspension of payments or "default".

Since the opposition won the legislative elections of December 2015, the Venezuelan government does not present its budgets or its debt laws before the House to Although this is required by the Constitution.

This circumstance has restrained some investors from continuing to offer financing to the Venezuelan Government, and complicates the renegotiation of the debt that Maduro intends.

In addition, Venezuela has faced since August the sanctions imposed by the United States, which prohibit its companies and citizens from negotiating with new debt issued by the Government of Caracas and by PDVSA.

However, a directive issued by the US Treasury states that it will study allowing new negotiations in debt Venezuelan if this is approved by Parliament.

The opposition and the Government are scheduled to start a new round of negotiations on November 15, in which the return of powers to Parliament and the approval of a debt refinancing by this House are emerging as central issues.

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