Earlier this month IFLR covered one of the events in
Venezuela's economic debacle that saw US energy company
ConocoPhillips sign an agreement with state-owned oil and gas
company PdVSA to recover $2 billion due for failing to uphold
its contractual commitments in 2007.
The groundbreaking decision may well send a signal to other
creditors that Venezuela is vulnerable to the enforcement of
international arbitration court judgments, which in turn may
prompt other claimants to recover existing debt.
This may be the tip of the iceberg. For a country that makes
nearly all of its export revenue from oil sales, the...