If the Venezuelans think that paying local debts with bolivar denominated bonds will solve their black market money rates, they have rocks in their heads.

Sure the Pdvsa can force their local suppliers to take bonds rather than cash but who in their right mind wouldn't attempt to sell them ASAP for "real" money. They couldn't do that at the official rate, so it can only put more pressure on the bolivar as the holders of almost worthless, and depreciating paper rush to unload it.

This is simply allowing the Pdvsa to print bolivars rather than face up to their debts. It can only lead to further drops in the value of the local currency, more pressure in the parallel market and higher inflation.

As far as the CVG bond issue, "backed by gold", goes, that's also going to be a hard sell as there doesn't seem to be any way that the CVG can get any gold. Any that is mined has to be sold to the central bank and what's in the ground seems destined to stay there diluted by a hell of a lot of dirt. Backing a bond issue with gold only works if the gold can be delivered and the CVG doesn't have the means to deliver it.