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Venezuela Is So Broke It Can’t Even Print Its Own Money

By: Raquel García - @venturaG79 - Apr 7, 2016, 11:29 am
Venezuela broke; it's unclear whether the Central Bank of Venezuela paid the debt to its paper money and passport provider in March
It’s unclear whether the Central Bank of Venezuela paid the debt to its paper money and passport provider in March (Yaesnoticia)

EspañolThe world’s most renowned banknotes, coins and paper printing house, De La Rue, based in England, demanded that the Central Bank of Venezuela pay up US$262,647,997 in fees for printing money and passports, among other goods.

In a letter last month,De La Rue Director Ruth Euling told Director of the BCV José Khan that being a public company listed on the London Stock Exchange, the institution has an obligation to declare their financial position “if at any time it deviates from expectations.”

She added that De La Rue is obliged to publish its detailed financial statements at the end of its fiscal year.

“If there is any possibility of not getting paid before this date, it would impact our financial position and we are under the obligation to inform our shareholders and the authorities that regulate the London Stock Exchange through a public announcement,” Euling said in her statement.

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“We wish to express our deep concern regarding the current debt of the BCV with De La Rue, and the serious consequences it could have for both institutions if left unresolved for much longer,” she said.

To resolve the situation as soon as possible, and to have no problems with its financial statements, De La Rue proposed BCV to remedy an outstanding debt of $71,421,039 before March 24.

She also proposed covering “the guarantees currently open in the amount of $97,626,958 for contracts related to the paper money and passport supply, which have already been delivered and accepted in accordance with the respective contracts.”

It requested the BCV to agree on contract terms for future bids “to ensure that neither party ends in a similar situation regarding new projects.”

It is unknown whether the BCV debt with De La Rue was honored before March 24, but its failure to pay on a regular basis is a sample of the crisis in which most Venezuelan institutions are mired.

Source: El Informador, La Patilla.

Raquel García Raquel García

Raquel García is a Venezuelan journalist with over 16 years of experience in digital outlets and radios. She currently lives in Buenos Aires, Argentina. Follow her @venturaG79.

Violence In El Salvador As Bad As Civil-War Times

By: Elena Toledo - @NenaToledo - Apr 7, 2016, 10:43 am
violencia-el-salvador-1

EspañolThe number of people fleeing violence in Central America and seeking refuge in neighboring countries has reached similar figures to those recorded during the 1980s' armed conflict that shook the region, said the UN. According to data compiled by the United Nations Agency for Refugees (UNHCR), 3,423 people coming mostly from El Salvador and Honduras applied last year for asylum in Mexico. This was an increase of 65 percent compared with the figures of 2014, and a 164 percent increase compared to 2013. UNHCR urged to take measures to protect the refugees, especially children fleeing alone. "The large-scale violence and persecution at the hands of armed criminals has become, along with poverty and unemployment, the main causes of immigrants and refugees outflows" said UNHCR spokesman Adrian Edwards. El Salvador has one of the highest murder rates in the world, Edwards added, so it's logical asylum applications from Salvadorans in Mexico have quadrupled. Besides Mexico, other countries in the region have seen a sharp increase in the arrival of Salvadorans, Hondurans and Guatemalans seeking asylum, a status by which international protection is granted to a person. Costa Rica is one of the countries with a considerable increase in asylum claims. Last year it surpassed 2,200 — a 16-percent increase in cases from 2014 and a 176-percent increase from 2013. [adrotate group="8"] Refugees recognized as such, living in Costa Rica are currently 3,616, said UNHCR. In Belize, a country of 400,000 inhabitants, at least 633 people sought asylum last year, representing an amount 10 times greater than in 2014. Nicaragua and Panama are also showing strong increases in requests for citizens of El Salvador, Honduras and Guatemala. The UN is particularly concerned about the situation of lone children and women, "who face forced recruitment into criminal gangs, domestic and sexual violence and the danger of being killed," said Edwards . UNHCR is working with the authorities in recipient countries to build or improve reception centers for immigrants so they can also receive refugees there. Source: elsalvador.com

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