Posted on 05/20/2016 6:37:26 PM PDT by Lorianne
Venezuela can’t pay its millions of dollars in debt to Indian pharmaceutical companies, say Indian officials, so officials are considering a proposal that would see the Latin American company swap oil for its drug debts.
After an unlucky gamble on India’s part that Venezuela’s emerging economy would be a good place to hawk Indian pharmaceuticals, the debt is now mounting and poor crisis management coupled with the long-running oil price slump has left Venezuela too cash strapped to pay up.
Already, according to Indian media, India’s Dr Reddy’s pharmaceutical company has written off US$65 million in debt in the first quarter of this year, while Glenmark Pharmaceuticals Inc is looking to collect some US$45 million in unpaid debt from Venezuela.
(Excerpt) Read more at oilprice.com ...
I wish the Indians good luck with that.Socialists never pay their bills.
Are the Indians going to front them the money to get it out of the ground and then process it?
This is the same problem China has, being paid with oil in the ground. And not much way to get it out of the ground since they have neglected their oil infrastructure.
At first I thought the drugs were coming from Venezuela (as in cocaine) but then I read further (or is it farther?).
Venezuela has been around a very long time to be considered an emerging economy. Of course, being a “neutral” towards communism in the Cold War, India’s appreciation for socialism’s fake prosperity is understandable.
It’s sour, heavy crude and will have to be sent to a US refinery.
This is what happens when you destroy your monetary system by exchange controls.
“This is the same problem China has, being paid with oil in the ground. And not much way to get it out of the ground since they have neglected their oil infrastructure.”
The Chinese are thinking long-term. It probably won’t become less valuable, and, if the Venezuelans won’t send it to them, I’m sure that the Chinese will stop by and “help”.
“I wish the Indians good luck with that.Socialists never pay their bills.”
Indeed. There’s plenty of hard currency from selling Venezuela’s oil, it’s just that Maduro doesn’t want to WASTE it on medication, or food or anything else for that matter, that his suffering population desperately needs for survival. And the Indians are so naive that they don’t understand that a direct oil for medicines swap totally defeats the purpose, namely, medicines can’t be secreted by Maduro, his family and his cronies in their offshore banking accounts.
LOL, and I’m sure with 40-45 dollar range W.Texas and Brent it’ll go straight to the head of the que...
I have a bottle of that stuff in my oil collection. It looks like something you thinned with carb cleaner after scraping it out of the valve cover of a 60’s era Chrysler product.
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