Sunday, February 28, 2021

Colombia Uribe Says Venezuela Is Paradise for Terrorist

Venezuela is a haven for drug traffickers and terrorists and needs a new government to restore democratic values, former Colombian President Alvaro Uribe said.

“Venezuela is a paradise for terrorists from Colombia, for narco-trafficking,” Uribe said today at the Bloomberg Latin America Investing Conference in New York. “It needs a new government, a new orientation in Venezuela, for this country to get rid of narco-trafficking, to get rid of terrorism and to get rid of dictators.”

Uribe clashed often with Venezuelan President Hugo Chavez during his time in office, accusing his neighbor of harboring drug-funded guerrilla groups. Chavez, who is undergoing cancer treatment before he seeks another term in October elections, ordered tanks to the countries’ border in 2008 after a bombing raid by Colombia’s air force on a rebel camp inside Ecuador, which he called a threat to regional sovereignty.

- Advertisement -

Uribe said his successor as president, Juan Manuel Santos, needs to keep focusing on security to preserve the military’s successful advance against insurgents during the past decade.

Santos has been less vocal than Uribe in his criticism of Venezuelan policies since taking office, representing one of his most significant breaks with the prior administration, said Adam Isacson, an analyst at the Washington Office on Latin America.

Uribe “left Colombia’s foreign relations in a shambles,” Isacson said in a phone interview yesterday. “Santos reversed a lot of that immediately.”
Entitled to Criticize

Uribe said he is entitled to criticize Venezuela, since the principles of democratic values take precedence over the right to national autonomy. Markets have a clear understanding of the differences among Latin American nations, and can distinguish between countries like Venezuela and Argentina on the one side, and Colombia, Brazil and Chile on the other, Uribe said.

- Advertisement -

The former president said that investors are punishing Argentina for its seizure of oil producer YPF SA (YPFD) by demanding higher compensation to hold its dollar debt.

“The markets know how to read every country, not the region as a whole,” Uribe said. “The spreads are a clear indication that the markets know how to establish the difference between Colombia and Venezuela, between Chile and Argentina.”

Colombia and Brazil have developed successful models for their oil industries by avoiding the extremes of nationalization and total privatization, Uribe said, referring to state controlled companies Ecopetrol SA (ECOPETL) and Petroleo Brasileiro SA (PETR4), which have publicly traded shares. The Colombian Finance Ministry forecasts foreign direct investment may rise to $16 billion this year, more than five times the levels of a decade ago, led by the oil and mining industries.
Bond Spreads

The extra yield investors demand to hold Argentine dollar bonds instead of U.S. Treasuries has soared 140 basis points, or 1.40 percentage point, to 980 since the end of January, when speculation first emerged that YPF would be nationalized. Argentine dollar bonds have posted a loss of 5.6 percent this month, the worst performer among major emerging markets, according to JPMorgan Chase & Co.’s EMBIG index.

Uribe said that decades of rebel violence has left only 13 percent of the national territory explored for oil. During Uribe’s 2002-2010 presidency, attacks on oil infrastructure fell as the army gained the upper hand in a 50-year war with Marxist guerrillas. Improved security for oil and mining companies helped lure a record $13.2 billion last year from investors including billionaires Carlos Slim and Eike Batista with companies such as Tabasco Oil Co. and MPX Energia SA.
Senate Approval

Argentina’s Senate today approved President Cristina Fernandez de Kirchner’s proposal to seize YPF, the country’s biggest energy company, as the government seeks to boost oil production and reduce imports.

- Advertisement -

Fernandez announced the takeover plan April 16, saying a lack of investment and a decline in oil output was threatening South America’s second-biggest economy.

Colombia last year garnered an investment-grade credit rating from Standard & Poor’s, Moody’s Investors Service and Fitch Ratings, 11 years after it was cut to junk when guerrilla and mafia violence and a banking crisis helped trigger six straight quarters of contraction beginning in 1998.

- Advertisement -

FACT CHECK:
We strive for accuracy in its reports. But if you see something that doesn’t look right, send us an email. The Q reviews and updates its content regularly to ensure it’s accuracy.

Rico
"Rico" is the crazy mind behind the Q media websites, a series of onlinemagazines that includes TodayColombia.com. Rico brings his special kind of savvy to online marketing. His websites are engaging, provocative, informative and sometimes off the wall, where you either like or you leave it. The same goes for him, like him or leave him.There is no middle ground. No compromises, only a passion to present reality as he sees it!

Related Articles

Bogotá, Medellín and Cali: the cities with the most violations of measures against covid-19

QCOLOMBIA - Since the mandatory isolation began in Colombia, 1,400,387 finess...

What happens if a Colombian does not attend the scheduled covid-19 vaccination appointment?

QCOLOMBIA - A few days after starting the National Vaccination Plan,...

MOST READ

What happens if a Colombian does not attend the scheduled covid-19 vaccination appointment?

QCOLOMBIA - A few days after starting the National Vaccination Plan, Colombians still have some doubts regarding their immunization process and there is fear...

We do not move even half the passengers we would have on a normal day: Transmilenio manager

QCOLOMBIA - The public transport system in Colombia has been one of the worst-hit sectors since the start of the coronavirus pandemic, as quarantines...

Colombia Suffered Its Deepest Slump Since 1905 Last Year

(Bloomberg) -- Colombia’s economy suffered its deepest contraction in more than a century last year, leaving it wracked by soaring debt, mass unemployment and...

Colombia receives first batch of vaccines

QCOLOMBIA - Colombia advanced the start of the immunization campaign against the coronavirus to February 17, three days ahead of schedule, after receiving the...

There’s A Good Chance Your Valentine’s Flowers Come From Colombia

QCOLOMBIA - If you send a bouquet of roses for Valentine's Day, chances are they were grown in Colombia. It remains the No. 1...

Colombia begins 2021 with a reactivation of 55% in flights

QCOLOMBIA - The end of the year travel season arrived with important expectations of recovery for the tourism sector. The improvement in the tourist...

Pope thanks Colombia for efforts to protect migrants

Q REDAQTED (Vatican News) - “I always look with gratitude at the efforts of those who work for migrants,” Pope Francis said on Sunday...

Colombia okays US$38 billion dollar reactivation plan

QCOLOMBIA - Colombia’s economic and social policy council (Conpes) has greenlighted a 135 trillion Colombian peso (US$38 billion) economic reactivation plan, which will be...

Colombian Clever Leaves made first shipment of medical cannabis to the U.S.

QCOLOMBIA - Clever Leaves, a Colombian company authorized to handle pharmaceutical grade cannabinoids, announced that its subsidiary, Herbal Brands, managed to establish a strategic...

WANT TO STAY UP TO DATE WITH THE LATEST!

Get our daily newsletter with the latest posts directly in your mailbox. Click on the subscribe and fill out the form. It's that simple!