Venezuela Won't Bow to Pressure From Countries on Referendum

By Alex Kennedy

Caracas, April 29 (<a href=quote.bloomberg.com>Bloomberg) -- Venezuela won't bow to pressure from other countries that may seek an agreement for a binding referendum on President Hugo Chavez's rule during a visit next week.

We won't accept any kind of pressure,'' Vice President Jose Vicente Rangel told reporters. Venezuela is not a colony.''

Representatives from six countries, including the U.S. and Spain and known as the Group of Friends, will probably visit Venezuela between May 6 and May 8, Rangel said.

Chavez refused last week to sign an agreement on a referendum reached 10 days earlier by opposition and government negotiators and brokered by Organization of American States Secretary General Cesar Gaviria. Under Venezuela's constitution, a referendum vote can be held at the mid-point of Chavez's six- year term in August.

U.S. Special Envoy for Latin America Otto Reich said earlier this week that the agreement is a test'' for Chavez and not signing it would lead to social chaos and further economic decline.''

Rangel said the comments by U.S. officials are ``silly words.''

We really don't give a damn,'' Rangel said. Some of their comments reflect great ignorance.''

Venezuela's dollar bond due 2027 fell 0.20 cents on the dollar to 63.90, pushing the yield up to 14.74 percent, according to J.P. Morgan Chase & Co. at 3:19 p.m. in New York.

The Caracas Stock Exchange's general index rose 3.1 percent to 8620.07. Last Updated: April 29, 2003 15:20 EDT