Comments on: PDVSA Financials: A Magical Mystery Tour

By: dillis

dillis — Sat, 13 Jun 2009 21:48:53 +0000

Señor, I know there are problems with Banco Federal lately.
I tried to use a Banco Federal card in Grenada last month and it declined in supermarkets, shops and ATM’s. Only worked inside the hotel. So if you need baby food or medicine you are in trouble, but you can drink yourself silly at the hotel bar! Madness.
I also am intending to make online purchases soon so I will go into Banco Federal this coming week and try and get some answers. As Miguel says I guess the Government just owes them too much money so they are severely restricting all access outside the country.

By: Señor

Señor — Sat, 13 Jun 2009 19:57:25 +0000

Thanks Miguel. It’s from Banco Federal. Previous years this has not been an issue. I’m trying to get in contact with them but no luck so far. I’ll try again later today and if not then perhaps after the weekend…

By: Señor

Señor — Sat, 13 Jun 2009 19:53:56 +0000

By: marc in calgary

marc in calgary — Sat, 13 Jun 2009 16:34:29 +0000

Where are the real numbers? do they exist? I think not. Not until the next government hires a real accountancy firm to audit their recent history. I suspect that then, some people will be marching in the streets.. still looking for their piece of pie.

A very interesting post Miguel, as always! and another brick to validate what you have been saying for a few years now.. 60,000 new employees with a decrease in production? well they’re not real oil industry workers, it’s obvious what happens when the only qualification is that one was wearing the red shirt at the job interview.

By: As Government ponders PDVSA bond, S&P downgrades PDVSA « The Devil’s Excrement

Sat, 13 Jun 2009 01:52:21 +0000

[...] PDVSA Financials: A Magical Mystery Tour [...]

By: moctavio

moctavio — Sat, 13 Jun 2009 01:06:09 +0000

Omar: Well, S$P does not seem to believe it….

By: moctavio

moctavio — Sat, 13 Jun 2009 00:55:46 +0000

There are a number of possibilities. What bank is it from? Some banks have stopped giving dollars on credit cards because the Government owes them too much. I know at least four: Venezoelano de Credito, Bolivar, Banpro and Confederado. They only allow pharmacy and hospitals I believe.

The only way I know how to solve the problem is to call your issuing bank.

By: Señor

Señor — Fri, 12 Jun 2009 23:07:55 +0000

Hi, I realise this is completely unrelated to this particular post (apologies Miguel) but I am looking for a bit of help. My Venezuelan credit card (Visa) should have the usual $US 400 for online purchases per year, I haven’t used any of it this year and wanted to use most of it yesterday (I am overseas) buying groceries online. The card was declined with no explanation given, so I don’t know what to do. Does anyone have some advice or know of a site that may help me resolve this issue? I have already experienced the issues with overseas spending via CC, but I expected the online component would work as per normal. Any help appreciated!!!

By: Arturo Guinand

Arturo Guinand — Fri, 12 Jun 2009 21:59:13 +0000

Well, S&P just cut PDVSA rating to B+ from BB-

http://bonosvenezuela.blogspot.com/2009/06/standard-poors-reafirma-calificacion.html

Just in time for their fishy bond sale.

By: Omar

Omar — Fri, 12 Jun 2009 21:18:46 +0000

Apparently, recent moves by PDVSA to get its production audited by a third party have had some effect…

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aR9YuNJ6jOVY

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=atbwQhBfNzUE

http://ae.zawya.com/story.cfm/sidv52n18-1TS02/lok133500090504