What you need to know about Venezuela's 'hunger bonds'

Oil pumpjacks also known as nodding donkeys operate at a state-owned Cupet SA facility along the northern coast of Cuba on Tuesday

But left-leaning nations that have been sympathetic to Venezuelan President Nicolas Maduro insisted the OAS had no business interfering in the crisis, in which protests against Maduro's government have left at least 60 people dead. Since 2013, its economy has shrunk 27 percent and its food imports have dropped by 70 percent, the Wall Street Journal reported earlier this year.

Nevertheless, the risk of default remains and in his letter to Blankfein, Borges said he would recommend any future democratic government of Venezuela not recognise or pay its dues on the bonds. "We agree that life there has to get better, and we made the investment in part because we believe it will", the investment bank added. "It is detrimental to the interests of the Venezuelan people, which has been repressed for months as it demands liberty and democracy", said Eduardo Lugo, 23, a Venezuelan communications student who has been in NY for the last four years.

"Our goal is to return to full respect for the rule of law, full respect for freedoms of political expression and participation", said Tom Shannon, the U.S. State Department's undersecretary for political affairs, as a group of countries pressed for "urgent action" to ease the crisis.

Hausmann said JPMorgan should take out Venezuela's "hunger bonds" from its index and create an index that "would allow you to root for higher returns on your savings without wishing for human misery".

"We are invested in PDVSA bonds because, like many in the asset management industry, we believe the situation in the country must improve over time", the bank said.

The opposition-controlled Congress also voted on Tuesday to ask its United States counterpart to investigate the deal.

Tajani spoke about the "brutal reprisal" of the manifestations by the authorities in Venezuela, called the situation "disastrous" and said that "every day a person is dying in the street".


Anti-government protests have intensified in Venezuela for two months and left almost 60 people dead.

Venezuelans are furious with Goldman Sachs for buying the country's government bonds last week, which critics say gives a lifeline to an incompetent government that is starving its people.

Venezuelan opposition accuses the government of mismanaging the oil-rich country, causing severe shortages of basic consumer goods.

The government of President Nicolas Maduro has been under attack by OAS chief Luis Almagro, who has vocally backed Venezuela's opposition and promoted foreign intervention in the country, leading Caracas to begin the process of withdrawal from the global body. Borges said Venezuelans sought "the opportunity granted by their own constitution to have free general elections", the AP reported.

They sold those bonds to Goldman Sachs at a serious discount to face value. Beke said her mother, Rebecca, lost her battle with cancer past year.

In New York Wednesday, Venezuelan Foreign Minister Delcy Rodriguez said Maduro's opponents should feel "deeply frustrated" that the USA -led plan to intervene in Venezuela's crisis had failed.

Meanwhile, diplomats from Bolivia, Nicaragua, Ecuador and other nations rejected the meeting as an intervention in the internal affairs of the South American country.

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