ECONOMÍA

Análisis: El detrás de la deuda de Venezuela

Fuente: Daily Beast

Fuente: CEPAL, Banco de Venezuela, ProDavinci. Elaboración Propia.

La deuda pública total de Venezuela, incluyendo a la empresa petrolera estatal Petróleos de Venezuela S.A (Pdvsa con el 24%), fue de US$ 181 mil millones (mil MM) al 2016 (US$ 137 mil MM sin Pdvsa), según CEPAL. Y de este monto, US$ 68 mil MM corresponden a la deuda en bonos de Venezuela (53%) y Pdvsa (47%). Así, es el segundo país de América Latina con más deuda, después de México. No obstante, el caso mexicano es compensado por su mayor nivel de PBI. Según el IMF y el Banco Mundial, el PBI mexicano y venezolano alcanzaron las cifras de US$ 1.0 y US$ 0.1 billones al 2016, respectivamente.

Por su parte, la capacidad de pago de Venezuela está vinculada a la de generación de divisas procedente de las ventas del petróleo, casi única fuente de ingresos. Cabe señalar que esta ha sido afectada principalmente por la caída de los precios del petróleo (US$ 111.65/MMBtu durante el 2012 vs. US$ 43.55/MMBtu para el 2016). Lo anterior genera grandes dificultades en el pago de sus obligaciones.

En cuanto a la deuda en bonos (aproximadamente el 40% de la deuda pública total), esta se ha duplicado en los últimos diez años, tanto a través del Estado como de Pdvsa.

Si es tan insostenible, ¿por qué no deja de pagar, y entra en default?

Hay poco o ningún beneficio de Venezuela de entrar a default. En caso de no pagar, podría ahorrar US$ 7,000 MM del no pago de las amortizaciones del proximo año. No obstante, dicho beneficio se vería contrarrestado por la pérdida de exportaciones y las retenciones de pagos de petróleo y otros activos en Estados Unidos, lo que dejaría a Venezuela sin su principal sustento económico. Lo anterior se debe al monto importante de activos venezolanos fuera de su país, tales como las refinerías venezolanas que se encuentran en EE.UU (Citgo, una subsidiaria de Pdvsa), las cuales serían retenidas y atravesarían un largo proceso legal. En otras palabras, están atados.

Por su parte, otros analistas indican que solo habría una razón por la de no pagar. Esta sería usar las reservas (US$ 10 mil MM) para importar comida y medicina necesarias para su población. Cabe señalar que, de no utilizarse para lo anterior, el monto de las reservas alcanzaría para pagar el servicio de deuda (amortizaciones e intereses) hasta el año 2018. Por lo que de no reestructurar la deuda (atrasar los pagos), entraría inminentemente en default.

Problemas de la estructuración de la deuda

El vicepresidente venezolano Tareck el Aissami, encargado de negociar la reestructuración de deuda, se encuentra sancionado por Estados Unidos. Lo anterior se debe a que Aissami se encuentra involucrado en el negocio del narcotráfico desde Colombia a México. Así, en agosto 2017 el gobierno de los EE.UU. impuso restricciones de compra/venta de bonos de Venezuela en los mercados financieros estadounidenses. Estos últimos son la principal fuente de fondos a nivel mundial. Por lo que dicha restricción, reduce exponencialmente la posibilidad de reestructurar la deuda venezolana.

Resumen de los principales eventos:

2014:

Bancos internacionales han reducido o paralizado el crédito a Pdvsa, debido a retrasos en sus pagos de deuda. Las sanciones de Estados Unidos contra funcionarios venezolanos también desincentivan a los bancos de ofrecer préstamos.

2016:

Enero: el presidente venezolano admite la caída de importaciones del más de 50% respecto a 2015. Lo anterior explica la escasez de productos exhacerbada por el régimen cambiario de Venezuela. Ese es uno de los elementos clave de la grave crisis económica que sufre Venezuela, con elevada inflación y escasez de alimentos y medicinas.

Setiembre: El Gobierno Venezolano reestructura parte de su deuda (US$ 2.8 mil MM) con el Gobierno Ruso, la cual sería pagada semestralmente durante tres años a partir de marzo de 2019. Pdvsa acuerda con ONGC Videsh Ltd, empresa india, pagar su deuda en barriles de petróleo (17,000 por día) y cash.

2017:

Abril: Pdva no puede pagar sus obligaciones a ONGC, pero logró conseguir financiamiento de un banco ruso, Gazprombank, y de una importante empresa india de refinería, India’s Reliance Industries Ltd.

Agosto:  Se imponen las restricciones de compra/venta de títulos de bonos venezolanos en EE.UU.

Noviembre:

02/11: Nicolás Maduro indicó que planea la reestructuración de cerca de US$ 60 mil MM en bonos venezolanos y que se realizará el pago de US$ 1.2 mil MM de servicio de deuda. El primero de estos genera que el valor de los bonos caiga un 50%, ya que confirmaría la difícil situación que atraviesa la economía venezolana.

03/11: Tenedores de los bonos temen de que no se realice el pago de la deuda, lo que genera que el valor de los bonos venezolanos caiga aún más.

10/11: Se confirma el pago retrasado de US$ 1.2 mil MM de Pdvsa. Asimismo, la empresa estatal eléctrica Corpoelec de Venezuela asegura que realizó el pago de intereses por US$ 0.7 mil MM. Lo anterior reforzó la confianza de los inversionistas de la capacidad de pago de Venezuela. Así, se observó un incremento del valor de los bonos venezolanos (+23%), al igual que de Pdvsa (+8%).

11/11: El presidente venezolano indicó que el lunes se reunirán con los tenedores de bonos para renegociar los términos de la deuda. Según fuentes de Reuters, el Gobierno habría prometido a los inversionistas que el vicepresidente Tareck El Aissami y otros funcionarios sancionados por Estados Unidos no participarían en las conversaciones sobre la deuda. Dicha reunión decidirá si la deuda podrá pagarse y darle un respiro a Venezuela para enfocarse en la deplorable situación económica de sus ciudadanos.

Fuente: ProDavinci. Gran parte de los pagos de deuda están concentrados en el corto y mediano plazo. Una reestructuración reduciría el nivel de pago anual (US$ 8 mil MM para el 2018).

Fiorella Torres
Graduada de Economía de la Universidad del Pacífico y fanática de la volatilidad del mercado (puedo hablarte por horas del tipo de cambio). Actualmente candidata al Programa CFA nivel 3. Me gusta tocar la batería, ver los atardeceres y disfrutar de buenas conversas.
149 Comments

Deja tu comentario

Loading Facebook Comments ...

149 Comments

  1. EllEmpart

    Junio 3, 2018 at 2:42 pm

    Sildenafil 50 Mg Purchase Cialis From North America cialis 40 mg Levitra En Vente Libre Viagra Mal Des Montagnes Dog Medicine Keflex

  2. buba suba

    Agosto 15, 2018 at 9:08 pm

    IrEK2H Thanks for sharing, this is a fantastic blog article.Really looking forward to read more.

  3. instalar whatsapp gratis para pc

    Agosto 17, 2018 at 4:56 pm

    There may be noticeably a bundle to learn about this. I assume you made certain nice points in features also.

  4. spy cam

    Agosto 17, 2018 at 9:29 pm

    we prefer to honor several other world-wide-web sites on the web, even if they aren

  5. buy instagram views

    Agosto 18, 2018 at 10:13 am

    To create a such kind of article is really amazing,I daily read your blogs and give my announcement for that here this article is too great and so entertaining.

  6. BV treatment

    Agosto 22, 2018 at 4:25 am

    I really liked your post.Really thank you! Want more.

  7. this website

    Agosto 28, 2018 at 3:27 am

    It as appropriate time to make some plans for the future and it as time to be happy.

  8. EZ Battery Reconditioning

    Agosto 28, 2018 at 6:08 am

    Where can I start a personal blog about anything & everything?

  9. I choose Body Peace

    Agosto 28, 2018 at 7:32 am

    What as up to every single one, it as in fact a nice for me to go to see this web page, it contains priceless Information.

  10. The Lost Book Of Remedies by Claude Davis

    Agosto 28, 2018 at 8:55 am

    I really liked your blog.Really looking forward to read more. Cool.

  11. binary options

    Agosto 28, 2018 at 11:42 am

    There is definately a great deal to know about this topic. I like all of the points you made.

  12. Publicity Guy

    Agosto 28, 2018 at 12:41 pm

    I really liked your post.Really looking forward to read more. Great.

  13. click here

    Agosto 28, 2018 at 1:02 pm

    There is noticeably a bundle to learn about this. I assume you made certain good factors in options also.

  14. for more information

    Agosto 28, 2018 at 5:09 pm

    That is a good tip especially to those new to the blogosphere. Simple but very accurate information Thank you for sharing this one. A must read article!

  15. this website

    Agosto 28, 2018 at 5:35 pm

    logbook loan What is the best site to start a blog on?

  16. mortgage consultant

    Agosto 28, 2018 at 8:01 pm

    I simply could not go away your website prior to suggesting that I extremely enjoyed the usual info a person provide for your visitors? Is gonna be again steadily to check out new posts.

  17. Fildena 100

    Agosto 29, 2018 at 10:30 am

    It’а†s really a great and helpful piece of information. I am satisfied that you simply shared this helpful info with us. Please stay us up to date like this. Thanks for sharing.

  18. Mend The Marriage Book

    Agosto 29, 2018 at 12:25 pm

    I simply could not depart your site prior to suggesting that I extremely loved the usual info a person supply on your guests? Is going to be again continuously to investigate cross-check new posts

  19. free download for pc windows

    Septiembre 2, 2018 at 3:31 am

    J aapprecie cette photo mais j aen ai auparavant vu de semblable de meilleures qualifications;

  20. The Lost Book Of Remedies

    Septiembre 3, 2018 at 3:26 am

    visit the site Here are some of the websites we advise for our visitors

  21. Say, you got a nice blog post.Really looking forward to read more. Keep writing.

  22. bamboo tableware

    Septiembre 6, 2018 at 1:58 am

    In this article are some uncomplicated ways to jogging a newsletter.

  23. free download gta games for windows 7

    Septiembre 6, 2018 at 3:50 am

    There may be noticeably a bundle to know about this. I assume you made sure nice factors in options also.

  24. The Lost Book Of Remedies

    Septiembre 12, 2018 at 4:33 am

    This blog is obviously entertaining and factual. I have picked up many useful tips out of it. I ad love to visit it again soon. Cheers!

  25. www.matchjerseys.net

    Septiembre 12, 2018 at 6:10 am

    Way cool! Some extremely valid points! I appreciate you writing this write-up and also the rest of the site is also very good.

  26. The 2 Week Diet

    Septiembre 12, 2018 at 7:48 am

    up with everything fresh you have to post. Would you list of the complete urls of

  27. 21 Day Flat Belly Fix

    Septiembre 12, 2018 at 10:56 am

    long time now and finally got the courage to go ahead and give you a shout out

  28. Tesla Code Secrets

    Septiembre 12, 2018 at 12:30 pm

    I really liked your post.Really thank you! Great.

  29. self publishing books

    Septiembre 12, 2018 at 2:05 pm

    This is a very good tip particularly to those fresh to the blogosphere. Simple but very precise info Many thanks for sharing this one. A must read article!

  30. juul pod flavors

    Septiembre 12, 2018 at 3:38 pm

    It as nearly impossible to find well-informed people in this particular subject, however, you sound like you know what you are talking about! Thanks

  31. deer placenta

    Septiembre 12, 2018 at 5:13 pm

    Nice blog here! Also your website loads up very fast! What host are you using? Can I get your affiliate link to your host? I wish my web site loaded up as fast as yours lol

  32. THCClean

    Septiembre 12, 2018 at 6:45 pm

    It agree, it is the remarkable information

  33. escort amsterdam

    Septiembre 12, 2018 at 8:18 pm

    Really informative blog post.Really looking forward to read more.

  34. maitake beta glucan supplement

    Septiembre 13, 2018 at 1:48 am

    Wonderful article! We are linking to this particularly great article on our site. Keep up the great writing.

  35. www.supertip.net

    Septiembre 13, 2018 at 4:00 am

    Nice blog here! Also your site loads up fast! What host are you using? Can I get your affiliate link to your host? I wish my website loaded up as fast as yours lol

  36. brewing jiaogulan tea

    Septiembre 13, 2018 at 1:31 pm

    There is clearly a lot to realize about this. I consider you made certain good points in features also.

  37. website

    Septiembre 14, 2018 at 10:48 am

    It as hard to come by well-informed people about this topic, however, you seem like you know what you are talking about! Thanks

  38. go sexy apk

    Septiembre 14, 2018 at 1:00 pm

    My spouse and I stumbled over here by a different web page and thought I should check things out. I like what I see so now i am following you. Look forward to finding out about your web page again.

  39. Dispensary SEO

    Septiembre 17, 2018 at 4:29 pm

    Im obliged for the blog post.Really thank you! Great.

  40. learn more

    Septiembre 24, 2018 at 9:06 am

    Wow! I cant believe I have found your blog. Very useful info.

  41. djinn

    Septiembre 25, 2018 at 7:31 am

    It as not that I want to duplicate your web page, but I really like the style. Could you tell me which style are you using? Or was it especially designed?

  42. Agen Judi Online

    Septiembre 25, 2018 at 10:07 am

    Very interesting information!Perfect just what I was looking for! The only gift is a portion of thyself. by Ralph Waldo Emerson.

  43. foreclosure prevention

    Septiembre 26, 2018 at 3:09 am

    You can certainly see your enthusiasm in the work you write. The arena hopes for more passionate writers like you who aren at afraid to mention how they believe. All the time follow your heart.

  44. 15 Minute Manifestation

    Septiembre 27, 2018 at 5:38 am

    Wow, marvelous blog layout! How long have you been blogging for? you made blogging look easy. The overall look of your site is fantastic, as well as the content!. Thanks For Your article about sex.

  45. http://www.amazingbotanicals.net

    Octubre 1, 2018 at 5:53 am

    Many thanks for submitting this, I ave been in search of this info for your whilst! Your weblog is magnificent.

  46. The Lost Book Of Remedies

    Octubre 1, 2018 at 5:55 pm

    Lovely site! I am loving it!! Will be back later to read some more. I am taking your feeds also

  47. Superior Singing Method Results

    Octubre 2, 2018 at 6:11 am

    on this. And he in fact ordered me dinner simply because I found it for him…

  48. malaysia seo expert

    Octubre 3, 2018 at 6:20 am

    My brother suggested I might like this website. He was totally right. This post truly made my day. You can not imagine simply how much time I had spent for this info! Thanks!

  49. Phan mem phan lop dap

    Octubre 3, 2018 at 12:55 pm

    Wow, incredible blog layout! How long have you been blogging for? you make blogging look easy. The overall look of your site is excellent, let alone the content!

  50. underground pornsite

    Octubre 3, 2018 at 7:54 pm

    I think this is a real great article. Will read on

  51. zolpidem kopen

    Octubre 3, 2018 at 10:42 pm

    Thank you for another fantastic article. Where else could anybody get that type of information in such an ideal way of writing? I have a presentation next week, and I am on the look for such info.

  52. Viril-X Review

    Octubre 4, 2018 at 1:36 am

    Very neat blog.Really thank you! Really Cool.

  53. visit website

    Octubre 4, 2018 at 4:32 am

    Im obliged for the blog article.Really thank you! Will read on

  54. skifte

    Octubre 4, 2018 at 1:23 pm

    Major thanks for the blog.Much thanks again. Really Great.

  55. this website

    Octubre 4, 2018 at 4:26 pm

    Wow! This can be one particular of the most useful blogs We ave ever arrive across on this subject. Actually Fantastic. I am also a specialist in this topic therefore I can understand your effort.

  56. for more information

    Octubre 4, 2018 at 7:28 pm

    You are my breathing in, I have few web logs and very sporadically run out from to post.

  57. iHerb Hong Kong

    Octubre 5, 2018 at 7:25 am

    The move by the sports shoe business that clearly has ravens nfl nike jerseys online concerned, said he thought he was one of the hottest teams in football.

  58. ragnarok server malaysia

    Octubre 5, 2018 at 7:54 am

    It as not that I want to replicate your web page, but I really like the pattern. Could you let me know which theme are you using? Or was it custom made?

  59. for more information

    Octubre 5, 2018 at 7:18 pm

    You commit an error. Let as discuss. Write to me in PM, we will talk.

  60. this website

    Octubre 6, 2018 at 1:27 am

    Looking around I like to look in various places on the online world, often I will just go to Stumble Upon and read and check stuff out

  61. private ragnarok server

    Octubre 6, 2018 at 7:41 am

    Way cool! Some extremely valid points! I appreciate you writing this post and the rest of the site is extremely good.

  62. bitcoin

    Octubre 6, 2018 at 10:10 am

    or understanding more. Thanks for magnificent info

  63. free download for windows 8

    Octubre 6, 2018 at 2:54 pm

    You are my inspiration , I own few web logs and occasionally run out from to brand.

  64. kem tan mo

    Octubre 6, 2018 at 6:10 pm

    Keep up the excellent piece of work, I read few blog posts on this site and I conceive that your blog is very interesting and has got lots of excellent info.

  65. free download for laptop pc

    Octubre 7, 2018 at 12:55 am

    Muchos Gracias for your post.Much thanks again. Want more.

  66. pink lady body perfection murah

    Octubre 7, 2018 at 8:46 pm

    I thought it was going to be some boring old post, but it really compensated for my time. I will publish a link to this page on my blog. I am confident my visitors will find that really useful

  67. pakej umrah ramadhan

    Octubre 7, 2018 at 11:45 pm

    Thank you, I ave been seeking for details about this subject for ages and yours is the best I ave found so far.

  68. pakej haji dan umrah

    Octubre 8, 2018 at 2:22 am

    Really informative blog article.Really looking forward to read more. Much obliged.

  69. I truly love your website.. Very nice colors & theme.

  70. Quantum Manifestation Code Review

    Octubre 9, 2018 at 6:54 am

    You, my friend, ROCK! I found exactly the information I already searched all over the place and simply could not find it. What an ideal site.

  71. couple life goals

    Octubre 9, 2018 at 2:38 pm

    This can work well in the sense that they have worked together

  72. visit

    Octubre 9, 2018 at 5:35 pm

    regular basis. It includes good material.

  73. Flat Belly Detox

    Octubre 10, 2018 at 12:05 am

    Very good post.Really thank you! Will read on

  74. find more information

    Octubre 10, 2018 at 5:28 am

    I rruky epprwcierwd your own podr errickw.

  75. 123movies

    Octubre 10, 2018 at 6:30 am

    The Silent Shard This tends to probably be really valuable for many within your work opportunities I intend to don at only with my blog but

  76. for more details

    Octubre 10, 2018 at 12:19 pm

    Would you be interested by exchanging links?

  77. buy gold pendants

    Octubre 10, 2018 at 3:13 pm

    story. I was surprised you aren at more popular given that you definitely possess the gift.

  78. bobsweep

    Octubre 10, 2018 at 4:23 pm

    I savor, result in I found exactly what I used to be having a look for. You have ended my four day long hunt! God Bless you man. Have a great day. Bye

  79. https://cosplayhero.de

    Octubre 10, 2018 at 6:04 pm

    Some really interesting information, well written and generally user genial.

  80. 2758068

    Octubre 11, 2018 at 4:43 am

    Very nice post. I just stumbled upon your blog and wanted to say that I ave truly enjoyed browsing your blog posts. After all I will be subscribing to your feed and I hope you write again very soon!

  81. iherb coupon

    Octubre 11, 2018 at 9:18 pm

    Really appreciate you sharing this blog.Really looking forward to read more. Keep writing.

  82. check my blog

    Octubre 12, 2018 at 12:23 am

    The best solution is to know the secret of lustrous thick hair.

  83. Thank you ever so for you article post. Awesome.

  84. CosplayHero

    Octubre 12, 2018 at 6:59 am

    Looking forward to reading more. Great post.Thanks Again. Fantastic.

  85. to learn more

    Octubre 12, 2018 at 1:08 pm

    This is one awesome article post.Really thank you! Keep writing.

  86. click here

    Octubre 12, 2018 at 3:57 pm

    This very blog is without a doubt entertaining as well as amusing. I have found a lot of handy stuff out of this blog. I ad love to go back over and over again. Cheers!

  87. 1 Hour Belly Blast Diet Review

    Octubre 12, 2018 at 6:50 pm

    Really enjoyed this article post. Will read on

  88. discrimination

    Octubre 13, 2018 at 3:40 am

    It’а†s really a nice and helpful piece of info. I’а†m happy that you just shared this useful information with us. Please stay us up to date like this. Thank you for sharing.

  89. cdn service

    Octubre 13, 2018 at 6:35 am

    I was reading through some of your content on this internet site and I believe this web site is very informative ! Continue posting.

  90. what is airdrop

    Octubre 13, 2018 at 9:29 am

    Thanks for sharing, this is a fantastic blog post.Much thanks again. Really Cool.

  91. visit website

    Octubre 13, 2018 at 2:56 pm

    Normally I do not learn post on blogs, however I wish to say that this write-up very compelled me to take a look at and do so! Your writing style has been surprised me. Thank you, quite nice post.

  92. buy purtier placenta

    Octubre 13, 2018 at 5:22 pm

    Thanks for sharing this very good write-up. Very interesting ideas! (as always, btw)

  93. Manifestation Magic Reviews

    Octubre 22, 2018 at 4:08 am

    Really appreciate you sharing this blog.Much thanks again. Really Cool.

  94. Power Efficiency Guide PDF

    Octubre 22, 2018 at 6:23 am

    Muchos Gracias for your blog article. Great.

  95. Yeast Infection No More Reviews

    Octubre 22, 2018 at 11:40 am

    Wow! This can be one particular of the most useful blogs We have ever arrive across on this subject. Actually Great. I am also a specialist in this topic therefore I can understand your hard work.

  96. NNU Income Program

    Octubre 22, 2018 at 1:26 pm

    Major thankies for the article post.Much thanks again. Fantastic.

  97. know more

    Octubre 22, 2018 at 3:14 pm

    Inspiring story there. What occurred after? Take care!

  98. visit website

    Octubre 22, 2018 at 5:02 pm

    My brother suggested I might like this website. He was entirely right. This post actually made my day. You cann at imagine simply how much time I had spent for this information! Thanks!

  99. Veterinär Uppsala

    Octubre 24, 2018 at 5:33 am

    I think this is a real great blog article. Will read on

  100. Quantum Manifestation Code PDF

    Octubre 24, 2018 at 1:33 pm

    Very informative article post. Will read on

  101. Pregnancy Miracle

    Octubre 24, 2018 at 4:06 pm

    So if you might be in the market for a Dell Personal computer or notebook, you should unquestionably see if you can

  102. Buy College Essay Online

    Octubre 25, 2018 at 2:23 am

    Im obliged for the post.Really looking forward to read more. Will read on

  103. Agen Bola Sbobet

    Octubre 25, 2018 at 12:17 pm

    This is a great tip especially to those fresh to the blogosphere. Short but very accurate information Many thanks for sharing this one. A must read article!

  104. como se si estoy embarazada

    Octubre 25, 2018 at 2:09 pm

    This is a topic that is close to my heart Cheers! Where are your contact details though?

  105. click here

    Octubre 26, 2018 at 1:50 pm

    Koi I met this in reality good News today

  106. Promo Bandar Bola

    Octubre 26, 2018 at 7:27 pm

    Some genuinely superb blog posts on this internet site , appreciate it for contribution.

  107. click for more

    Octubre 27, 2018 at 5:17 am

    This is very interesting, You are a very skilled blogger. I ave joined your rss feed and look forward to seeking more of your great post. Also, I have shared your site in my social networks!

  108. this website

    Octubre 27, 2018 at 9:00 am

    Oakley has been gone for months, but the

  109. video downloader

    Octubre 27, 2018 at 11:09 am

    It as a very easy on the eyes which makes it much more pleasant for me to come here and visit more

  110. income program

    Octubre 27, 2018 at 1:01 pm

    your intelligence on just posting videos to your site when you could be giving

  111. best sd wan providers

    Octubre 29, 2018 at 11:49 pm

    You made some respectable factors there. I seemed on the web for the problem and found most individuals will go together with with your website.

  112. Discount Commercial Shipping Service

    Octubre 30, 2018 at 12:28 pm

    Very exciting points you have observed, appreciate this for adding. Great may be the art regarding beginning, but greater will be the art of ending. by Henry Wadsworth Longfellow.

  113. yesmovies

    Octubre 30, 2018 at 3:29 pm

    Thanks for sharing, this is a fantastic post.Really thank you! Really Cool.

  114. to learn more

    Octubre 31, 2018 at 1:01 am

    Introduction anal films sexuel Here is my site film x

  115. kamagra 100mg kaufen

    Noviembre 1, 2018 at 12:58 pm

    I think this is a real great post.Thanks Again. Fantastic.

  116. It as truly a great and helpful piece of information. I am satisfied that you simply shared this useful tidbit with us. Please stay us informed like this. Thank you for sharing.

  117. Latest News from LASU

    Noviembre 1, 2018 at 5:27 pm

    Normally I don at read post on blogs, however I would like to say that this write-up very forced me to check out and do it! Your writing taste has been amazed me. Thank you, very nice post.

  118. viagra generika

    Noviembre 1, 2018 at 8:53 pm

    It is my opinion other website proprietors ought to choose this blog being an model,really cool great straightforward style,Too since information.You are an expert inside this subject!

  119. Starting a tax business

    Noviembre 2, 2018 at 5:07 am

    Thanks for the good writeup. It in truth was once a entertainment account it.

  120. sildénafil prix en pharmacie

    Noviembre 2, 2018 at 8:20 am

    Wow! At last I got a webpage from where I know how to in fact take valuable data regarding my study and knowledge.

  121. Nigerian News Today

    Noviembre 2, 2018 at 11:16 am

    Your style is very unique compared to other folks I have read stuff from. I appreciate you for posting when you ave got the opportunity, Guess I all just book mark this site.

  122. Classtechblog

    Noviembre 2, 2018 at 2:16 pm

    Regards for helping out, wonderful information. Nobody can be exactly like me. Sometimes even I have trouble doing it. by Tallulah Bankhead.

  123. buy Instagram likes

    Noviembre 2, 2018 at 2:20 pm

    Just what I was searching for, appreciate it for putting up.

  124. here

    Noviembre 3, 2018 at 12:12 am

    I truly appreciate this post.Much thanks again. Great.

  125. link

    Noviembre 3, 2018 at 1:58 am

    sante de et le territoire et sa batarde sera je

  126. Start a tax business with no efin

    Noviembre 3, 2018 at 4:22 am

    Yes. It should do the job. If it doesn at send us an email.

  127. tax software for tax preparers

    Noviembre 3, 2018 at 1:52 pm

    It as hard to find experienced people for this subject, however, you sound like you know what you are talking about! Thanks

  128. guru les privat

    Noviembre 3, 2018 at 10:03 pm

    I’а†ve learn a few excellent stuff here. Certainly value bookmarking for revisiting. I surprise how so much attempt you set to make this sort of excellent informative website.

  129. Best wireless gaming headsets

    Noviembre 4, 2018 at 4:50 am

    Pretty! This has been an extremely wonderful post. Thanks for providing this info.

  130. Mca scam

    Noviembre 5, 2018 at 1:52 pm

    Thank you ever so for you blog.Really thank you! Great.

  131. viet thue luan an tien si

    Noviembre 5, 2018 at 3:49 pm

    So happy to get discovered this post.. Excellent ideas you possess here.. I value you blogging your perspective.. I value you conveying your perspective..

  132. live violet

    Noviembre 5, 2018 at 4:55 pm

    You have observed very interesting details ! ps decent site. Justice is the truth in action. by Jeseph Joubert.

  133. I really liked your blog post.Much thanks again. Fantastic.

  134. this website

    Noviembre 6, 2018 at 4:34 am

    Its hard to find good help I am regularly saying that its difficult to get quality help, but here is

  135. hemp oil

    Noviembre 6, 2018 at 10:27 am

    You made some clear points there. I did a search on the subject matter and found most individuals will approve with your blog.

  136. Du lich viet

    Noviembre 6, 2018 at 10:46 am

    Lovely blog! I am loving it!! Will come back again. I am bookmarking your feeds also

  137. NagaPoker

    Noviembre 6, 2018 at 1:28 pm

    Thank you ever so for you article post.Much thanks again.

  138. Shanghai law firm

    Noviembre 6, 2018 at 11:45 pm

    Your style is very unique in comparison to other folks I ave read stuff from. I appreciate you for posting when you have the opportunity, Guess I will just book mark this site.

  139. pc games for windows xp

    Noviembre 7, 2018 at 4:29 am

    Packing Up For Storage аЂа‹ Yourself Storage

  140. apks download for pc windows 7

    Noviembre 7, 2018 at 6:38 am

    You have brought up a very great details , thanks for the post.

  141. dream market reddit

    Noviembre 7, 2018 at 2:20 pm

    Your style is very unique in comparison to other people I have read stuff from. I appreciate you for posting when you ave got the opportunity, Guess I all just bookmark this site.

  142. go

    Noviembre 7, 2018 at 10:45 pm

    The Silent Shard This may almost certainly be pretty practical for some of your employment I intend to you should not only with my web site but

  143. TorchBankz.com

    Noviembre 8, 2018 at 12:55 am

    Really informative article post.Thanks Again. Much obliged.

  144. Chispalace

    Noviembre 8, 2018 at 2:09 am

    Thank you for your article post.Really looking forward to read more. Fantastic.

  145. click here

    Noviembre 8, 2018 at 6:20 am

    Wow! Thank you! I always wanted to write on my site something like that. Can I include a portion of your post to my blog?

  146. this website

    Noviembre 8, 2018 at 6:51 am

    Looking forward to reading more. Great article post.Really thank you! Much obliged.

  147. How to make money online

    Noviembre 9, 2018 at 1:48 pm

    Thank you for your article.Thanks Again. Awesome.

  148. Wholesale Cheap Handbags Will you be ok merely repost this on my site? I ave to allow credit where it can be due. Have got a great day!

  149. bronsonpharmacy

    Noviembre 14, 2018 at 7:02 am

    Im grateful for the article post.Really thank you! Will read on

Leave a Reply

Su dirección de correo no se hará público. Los campos requeridos están marcados *

To Top