Latest update April 19th, 2024 12:59 AM
Dec 11, 2014 Letters
DEAR EDITOR,
It was refreshing to read about a good catch from Mr. Pravinchandra Dave, that seasoned banker, who wrote on the topic of leveraging the opportunity for Guyana on the possible buy-back of the oil debt from Venezuela at a deep discount.
As Mr. Dave correctly confirmed, Venezuela is close to sealing the deal with Goldman Sachs to “front as cash” some 41% of the oil debt due from Dominican Republic (DR) in exchange for Goldman Sachs taking control over 100% of the US$4 billion Petro-Caribe oil debt due from Dominican Republic to Venezuela. But this is no good deal for the people of the DR since they will still have to pay 100% of the debt back with interest.
A better deal as alluded to by Mr. Dave is that Georgetown at the highest level should engage Caracas. I foresee Guyana fronting 50 percent of the oil debt in cash to the Bolivarian Republic in exchange for a full and complete write-off of the oil debt?
This is not politics, this is basic business. All of Guyana will line up behind the Government if it attempts to seal this deal, since it is the Guyanese people who will gain rather than the merchants of Wall Street. It is time the PPP reaches out to people like Carl Greenidge, Shridath Ramphal, Chris Ram and their own internal negotiators to assemble a team that can see us immediately paying about US$90 million to write-off US$180 million in debt. That will save the Guyanese people some US$90 million that can be pumped into more programs to improve the well-being of our people. “Because we care”!
Sase Singh
Please share this to every Guyanese including your house cats.
Apr 19, 2024
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