I am confused, isn't this like closing the barn door after the cow got out???

I think it's a little more like trying to close the barn door after the barn and whole farm were hit by a meteor like the one that killed the dinosaurs.

Ramirez, like all good Venezuelan politicians, is a complete moron. His babble is for the poor uninformed populace.

They could owe Conoco more than the dollar reserves that Venezuela currently holds. The remaining portion of the hearing is called quantum for a reason -- the liability phase is OVER, and its all about calculating a very large number now.

Despite the indisputable fact that the entire Venezuelan government is stupid, I expect that the only course open to them is a settlement with Conoco (and Exxon) giving them a massive oilfield interest in a new development area.

If they are forced to pay in cash, the economy will completely collapse to a point that will make Zimbabwe look like an economic paradise.