In the CVG again raises the idea of launching a gold-backed bond
Within the heart of the Corporacion Venezolana de Guayana is gaining strength
again, the idea of launching the Venezuelan market to issue a financial bonus,
which would be gold-backed and sponsored by the BCV.
Aristimuño Herrera & Asociados

This initiative is not new among the variants administrative planning CVG, would
their argument on the drive that brought the increase in gold prices at the
international level on Friday reached $ 1,300 per ounce in international
markets, especially London.
Also, another joint which enabled it to look at this as a viable alternative, is
the accumulation of debts that are the basic industries of the parent company,
among which Venalum, Alcasa, Sidor, and Carbonorca Ferrominera serious accusing
Gap income for various reasons.

The latter are among his calamities, inability to meet production quotas,
administrative mismanagement, adverse market conditions and inefficiency that
have undertaken projects for about two years now.

Given the negative choice of these operators of the Corporation, coupled with
the reality of their balance sheets, show that lack the collateral necessary to
support an issue, so that the roles of public debt of these state enterprises
without adequate security would not have much support in the market.

The same approach was made almost a year, when the management of its president
Rodolfo Sanz, but did not have the support of the Economic Cabinet members,
especially Finance Minister Ali Rodriguez Araque, who convinced the head of
state, not was desirable to undertake an issue like that, because it was an
unnecessary debt with the extra resources of oil price increase would cover the
needs.

Therefore that the CVG Bono could not even be planned, because it increased the
chaos that was the CVG, working for the debts, which caused protests by the
workers and added to Alcasa and were unable to solve Sidor their sagging
production figures, in order to obtain short-term gain.

The problem today, however, is that the situation remains critical, with the
aggravating circumstance that a debt of about $ 6 billion to recover, may be
insufficient.

http://www.bancaynegocios.com/noticia_det.asp?id=18724