VenEconomy writes about the new bond issues from the Venezuela government, for which, as usual, the math is not adding up.

This accounting mirage could end up costing the country dear. The future of Venezuelans is being mortgaged. According to the Central Bank, Venezuela's public foreign debt amounted to $48.3 billion as at June 30. With the new issue, that figure would go up to $51.3 billion, equivalent to Bs.F.110.3 billion at the Bs.F.2.15:$ exchange rate. That is equivalent to 63% of fiscal spending for 2009 and 30% of GDP. However, if account is taken of the current value of the competitive parity, which would be around Bs.F.5:$, the debt would shoot up to Bs.F.256.5 billion or 150% of this year's current spending and 30% of GDP. What is more, bearing in mind that this debt would be paid in 2019 and 2024, when, obviously, the bolivar will have been devalued several times, the debt will be much greater.

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