Economist Rodríguez: "The government of Nicolás Maduro does not have any legal power, according to New York law, to modify the debt"

"I do not see a greater practical relevance on the part of the Nicolás Maduro regime"

Delcy Rodríguez, Minister (e) of Economy and Finance, announced a "conditional offer" between the bondholders of the Republic, PDVSA and Electricidad de Caracas.

But the economist Francisco Rodríguez explained to Descifrado.com that "the debt bonds of Venezuela and PDVSA are governed by New York law." And consequently "the government of Nicolás Maduro does not have any legal power, in accordance with New York law, to modify the debt."

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Regardless of the legitimacy of Nicolás Maduro as president of Venezuela, explained Francisco Rodríguez, he estimates that "not even European creditors are going to participate in that agreement."

“The reality is that there is a very clear jurisprudence by which the US courts abide by the decision regarding the recognition of the Executive Power and that has been ratified several times, in the case of Crystallex, in the case of the 2020 PDVSA Bonds ».

“A restructuring agreement offered by the government of Nicolás Maduro has the same validity as a restructuring agreement offered by any private citizen, or by anyone. Maduro is nothing more than a former president of Venezuela.