IKN

Thy sin’s not accidental

If you owe the bank $10,000 you have a problem…..

……(and as the old saying continues) if you owe the bank $1,000,000 it’s the bank that has the problem. On the other hand, if you owe one of the world’s five biggest oil companies $232,469,958 and agree to pay it off over a term of 17 years at a 2% interest rate, then nobody has a problem and everyone’s happy.

Here’s Bolivia’s La Razon on the story about Bolivia’s State run YPFB oil company’s debt to Venezuela’s PDVSA (excerpt translated):

La Paz: To June 30 2010 Yacimientos Petrolíferos Fiscales Bolivianos (YPFB) owed Petróleos de Venezuela (PDVSA) U$232,47m for diesel imports, according to Bolivian Central Bank (BCB) data.

Import volumes for diesel in the first six months of this year accounted for 54% of total national sales according to YPFB statistics.

The State report on medium and long-term public debt published by the BCB stated that YPFB owed U$232,469,958 for diesel imported, an amount that will be paid off over 17 years at an annual interest rate of 2%. Diesel is the most popular fuel in Bolivia’s internal market CONTINUES HERE


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