he Kenyan Institute for Social Accountability (TISA) launched an initiative called Okoa Uchumi, or Save the Economy, to raise awareness of Kenya´s debt and its pervasive effect on human development. The country is “drowning in debt and is at high risk of debt distress, with debt transparency proving to be a major concern”.
Three points should be taken into account when reflecting on the U.S. government’s sanctions policy toward Venezuela and the elections scheduled for July 28: (i) the content of that policy; (ii) the consequences that could derive from the announced expiration of General License 44 and (iii) the alternatives that could be considered from the human rights centrality.
Hay tres puntos que deben tenerse en cuenta al reflexionar sobre la política de sanciones del Gobierno de Estados Unidos hacia Venezuela, y las elecciones previstas para el 28 de julio: (i) el contenido de esa política; (ii) las consecuencias que podrían derivar de la anunciada expiración de la Licencia General 44 y (iii) las alternativas que pudieran considerarse desde la centralidad de los derechos humanos
El 20 de febrero de 2024, la Corte de Apelaciones del Estado de Nueva York resolvió que el Derecho Constitucional de Venezuela rige a la validez de los Bonos PDVSA 2020, dejando en manos de la Corte de Apelaciones del Segundo Circuito la decisión sobre la apelación presentada contra la opinión de 2020 de la Corte del Distrito Sur de Nueva York, que desestimó el caso al considerar que el Derecho de Venezuela no era aplicable.
Después de la decisión de la Corte de Apelaciones, el 27 de febrero de 2024 el Segundo Circuito ordenó a las partes que presentaran argumentos complementarios. El 19 de marzo, los demandantes y los demandados presentaron sus argumentos. Ahora, el Segundo Circuito puede decidir la apelación, que probablemente, será declarada con lugar.
On February 20, 2024, the New York State Court of Appeals decided that the Venezuelan Constitutional Law rules the validity of the PDVSA 2020 Notes, leaving to the Court of Appeals for the Second Circuit the decision about the appeal filed against the 2020 opinion of the Southern District Court of New York, which dismissed the case considering that Venezuelan law was not applicable.
After the Court of Appeal´s decision, on February 27, 2024, the Second Circuit ordered the parties to file supplemental arguments. On March 19, the plaintiffs and the defendants presented their arguments. The Second Court now has all the elements to rule on the appeal that probably will be granted.
On February 20, 2024, the State of New York Court of Appeals issued a significant judgment clarifying that choice-of-law provisions did not prevent the specific application of the issuer’s Constitutional Law to determine the validity of public debt notes.