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Published on Gold Anti-Trust Action Committee (http://www.gata.org)

Deutsche Bank gets to keep gold swapped by Venezuela

By cpowell
Created 2019-06-05 00:59

Venezuela Defaults on Gold Swap with Deutsche Bank

By Patricia Laya
Bloomberg News
Tuesday, June 4, 2019

Venezuela has defaulted on a gold swap agreement valued at $750 million with Deutsche Bank AG, prompting the lender to take control of the precious metal which was used as collateral and close out the contract, according to two people with direct knowledge of the matter.

As part of a financing agreement signed in 2016, Venezuela received a cash loan from Deutsche Bank and put up 20 tons of gold as collateral. The agreement, which was set to expire in 2021, was settled early due to missed interest payments, said the people, who asked not to be named speaking about a private matter.

... Dispatch continues below ...



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In the meantime, opposition leader Juan Guaido’s parallel government has asked the bank to deposit $120 million into an account outside President Nicolas Maduro’s reach, which represents the difference in price from when the gold was acquired to current levels. As part of efforts to unseat Maduro, the U.S. and more than 50 countries have recognized Guaido as the legitimate leader of Venezuela even though he still doesn’t control key institutions at home, including the central bank.

... For the remainder of the report:

https://www.bloomberg.com/news/articles/2019-06-04/venezuela-is-said-to-... [4]

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Source URL:
http://www.gata.org/node/19116