Restructuring Venezuela\u27s Debt Using Pari Passu

Given the depth of Venezuela\u27s economic crisis, many fear that the government and the state-owned oil company Petroleos de Venezuela, S.A. ( PDVSA ) are on the brink of insolvency. In this paper, we introduce a restructuring plan that would allow Venezuela to restructure its external debt in an orderly manner. We propose that Venezuela restructure both PDVSA debt and its own external debt via Exchange Offers. To maximize the number of participating bondholders and receive sufficient debt relief, we suggest that Venezuela primarily utilize the pari passu clauses included in the vast majority of PDVSA and Venezuelan bonds, which are modified versions of a typical pari passu clause and can be read to allow the subordination of the bonds in accordance with Venezuelan law. To minimize the number of holdout creditors, Venezuela can introduce a law that subordinates non-exchanged debt to exchanged debt, making timely or full payment of holdout debt unlikely. This tactic would minimize the need to rely solely on alternative restructuring techniques, such as exit consents and Collective Action Clauses (CACs). We argue that while these techniques might alone prove insufficient to successfully restructure Venezuela\u27s debt, they could supplement the restructuring options we propose here. Because the parties contracted for debt subordination in the bond contracts, we predict that using a debt subordination technique would be more viable in Venezuela\u27s case than it has been in past sovereign debt restructurings. Ironically, the pari passu clause that doomed Argentina might be what saves Venezuela

A microeconomic system-wide approach to the estimation of the demand for money

Money supply ; Monetary theory

Discovering Regression Rules with Ant Colony Optimization

The majority of Ant Colony Optimization (ACO) algorithms for data mining have dealt with classification or clustering problems. Regression remains an unexplored research area to the best of our knowledge. This paper proposes a new ACO algorithm that generates regression rules for data mining applications. The new algorithm combines components from an existing deterministic (greedy) separate and conquer algorithm—employing the same quality metrics and continuous attribute processing techniques—allowing a comparison of the two. The new algorithm has been shown to decrease the relative root mean square error when compared to the greedy algorithm. Additionally a different approach to handling continuous attributes was investigated showing further improvements were possible

Automated analysis of radar imagery of Venus: handling lack of ground truth

Lack of verifiable ground truth is a common problem in remote sensing image analysis. For example, consider the synthetic aperture radar (SAR) image data of Venus obtained by the Magellan spacecraft. Planetary scientists are interested in automatically cataloging the locations of all the small volcanoes in this data set; however, the problem is very difficult and cannot be performed with perfect reliability even by human experts. Thus, training and evaluating the performance of an automatic algorithm on this data set must be handled carefully. We discuss the use of weighted free-response receiver-operating characteristics (wFROCs) for evaluating detection performance when the “ground truth” is subjective. In particular, we evaluate the relative detection performance of humans and automatic algorithms. Our experimental results indicate that proper assessment of the uncertainty in “ground truth” is essential in applications of this nature

Pakistan: The Landmine Problem in Federally Administered Tribal Areas

After a decade of fighting, the effects of conflict beyond Pakistan\u27s border with Afghanistan are seen everyday in border regions. With little government aid available, agencies like HSD are taking the initiative in the country\u27s battle against mines

The role of soluble FMS-like tyrosine kinase (sFLT1) and FAS associated proteins in pregnancies complicated by preeclampsia and intrauterine growth restriction (IUGR).

PhDCurrent thinking suggests that preeclampsia is associated with activation of the maternal vascular endothelium in response to factors released from the placenta due to placental hypoxia. Failure of physiological modification of spiral arteries due to impaired trophoblast invasion results in a several-fold increase in the risk of developing pre-eclampsia and/or (IUGR). The defect behind impaired trophoblast invasion is not fully explained and the aetiological factor(s) linked with the development of pre-eclampsia, compared to normotensive IUGR, is not known. In this thesis, I examined placental and serum levels of fms-like tyrosine kinase I (sFltl) and placental growth factor (PIGF), as mediators of angiogenesis, and Fas and FasL, as mediators of apoptosis, in three groups; preeclampsia, normotensive IUGR and controls who had abnormal mid-trimester uterine artery Doppler. Uterine artery Doppler flows were examined in 553 women at 24 weeks. 97 of them had abnormal uterine artery Doppler flow and were enrolled in this study. 86 women were followed up; among them eight women developed preeclampsia and seven developed normotensive IUGR. Umbilical artery Doppler examination 24 hours before delivery in both groups, showed significantly lowered resistance indices in the preeclampsia compared to the normotensive IUGR group. I examined placental and serum levels of fms-like tyrosine kinase I (FIt I) and Placental Growth Factor (PIGF) in three groups. Soluble FItI acts as an antagonist for both Vascular Endothelial Growth Factor (VEGF) and PIGF. Placental FIt 1 and serum sFlt 1 were higher and serum PIGF was lower in the preeclampsia group compared to the other two groups. This could be responsible for the systemic manifestations of preeclampsia. This dysregulation in serum sFltl and PIGF was found as early as 24 weeks in pregnancies with abnormal uterine artery Doppler examination. The normotensive IUGR group had significantly elevated serum sFlU compared to controls. This could be due to an element of placental hypoxia in the IUGR group. To investigate the in-vivo effect of sFltl on impaired placental angiogenesis and trophoblast invasion, I examined the correlations between uterine artery Doppler resistance indices and serum sFIU and PIGF at 24 weeks. Significant correlations were found between these markers and uterine artery Doppler pulsatility index (pn and resistance index (Rn on both the placental and non-placental sides at 24 weeks. Fas and Fas ligand (FasL) are membrane proteins that mediate cellular apoptosis, and recently were related to cellular growth and migration. Using western blotting and immunohistochemistry, placental expression of Fas (western blotting) and (FasL) (immunohistochemistry) was assessed in the three study groups. No differences in placental Fas or Fas ligand were found between the groups. In addition, serum levels of Fas and FasL were measured at 24 weeks and within 24 hours of delivery in the same groups. Serum Fas was not different between the three study groups at 24 weeks and within 24 hours of delivery. Serum FasL was below the kit's detection threshold in the samples studied. In conclusion, placental FlU and its soluble form sFltl seem to play an important role in the pathophysiology of preeclampsia. In addition, sFltl correlated positively with the severity of impaired trophoblast invasion and could playa central role in blocking placental angiogenesis in these pregnancies. This needs further evaluation. Fas and FasL do not seem to have a role In impaired placentation and development of preeclampsia and IUGR

Historical development of social studies education in Jordanian secondary schools since 1921.

An overall analysis of data reveals that some factors in the Jordanian culture have been considered hindrances to the development of social studies education and the adoption of the new teaching approaches. These include: (a) lack of understanding of the nature of social studies education; (b) the bias in the favor on natural science and linguistic studies at all level of public education over social studies education course; (c) the shortage of well-trained social studies teachers; (d) the political system, which works against the full development of the social studies education curriculum; and (e) economic opportunity, which does not support social studies education.The study also has found that the current social studies curriculum in Jordan does not prepare students well for the future. Traditional methods dominate the curricula that do not take an inquiry approach. Therefore, Jordan does not have a curriculum that supports a democratic society. The onset of the information age demands that we take approaches to learning that are complex and move away form didactic or behavioristic models of learning and teaching. Although there have been improvements in Jordanian curriculum development in recent years, further reforms are necessary. Clearly the future demands a highly skilled and thinking citizenry currently lacking in Jordan and many parts of the Middle East. Without changing the social studies curricula, students become prisoners of the past.This study examines the influence of historical and political events on the development of social studies education in Jordan's secondary schools. It discusses the goals and techniques that Jordan's educational planners have instituted to provide students with a quality education that meets the challenge of the country's national goals. This study's intent is to analyze the historical, political, religious, and social factors that influence the development of social studies education in Jordan and, also, how these factors affected the change of the goal and purpose of social studies education, change of curriculum and instruction methods in social studies education, and change in the preparation of secondary social studies teachers. These specific areas are related to Jordan's cultural changes, including political, social, economic, and religious.The development of modern social studies education was reviewed to gain an understanding of the essence of its change and to realize the most important factors that influence that change. Understanding the past and present social studies curriculum can provide educational leaders with wisdom to foresee the extent to which future innovations in social studies curriculum can be efficiently achieved. The study reveals that past experiences provide the proper guidelines for minimizing the implementation problems of future social studies curriculum. The Palestinian problem and the principles of Great Arab Revolt that started in the early 20th century was, and still is, the major factor affecting the general social, educational, and political conditions in the modern Jordanian state

Evaluation of a minimum flexural reinforcement ratio using fracturebased modelling

Minimum reinforcement ratios are specified for reinforced concrete structures to provide enough ductility. The aims are to control cracking in the serviceability limit state and to prevent sudden failure by ensuring sufficient ductility after the loss of tensile stress in concrete due to cracking. This can provide a warning before collapse and time to take preventive or remedial measures. A review of past research reveals that there are large variations, and sometimes contradictions, in proposed minimum reinforcement requirements for flexural members. In this paper, a fracture mechanics-based model is used to study different local phenomena such as tensile and compressive concrete softening to more precisely describe the behaviour of reinforced concrete beams. The findings show a decrease in the minimum reinforcement ratio with increasing beam size. This contradicts the provisions of prevailing codes and standards which suggest no change in the minimum reinforcement ratio with size. Therefore, there is a need to review the minimum reinforcement provisions.The authors would like to thank the Yousef Jameel Foundation for their financial support of this research.This is the accepted manuscript. The final version is available at www.iabse.org/Geneva2015Report

Perceived media coverage and environmental awareness among university students in Malaysia : the moderating effects of perceived government role and green value

The inconsistent findings on the relationship between media coverage (MC) and environmental awareness (EA) provide the current study research gap which invites further investigation into the possible contingent variables (moderator). Based on the emerging theoretical framework, government role (GR) and perceived green values (GV) were postulate as potential moderators. Thus, a research framework was proposed to examine the relationship between MC and EA, as well as the moderating effects of GR and GV on the relationship. The research framework was underpinned by Agenda Setting Theory and Framing Theory, and further supplemented by Limited Effects Theory, and Institutional Theory. Proportionate random sampling was adopted along with survey method to obtain data. The questionnaires of 730 respondents were used for data analysis that employed Exploratory Factor Analysis and Confirmatory Partial Least Square Structural Equation Modelling analysis techniques. It was found that all direct associations between MC and EA, GV and EA, and GR and EA demonstrated significant results. Further, while GR was found significantly moderated the relationship between MC and EA, there was no evidence for significant moderating effect of GV. It was found that all direct associations between MC and EA, GV and EA, and GR and EA demonstrated significant results. Further, while GR was found significantly moderated the relationship between MC and EA, there was no evidence for significant moderating effect of GV

A data mining approach for cardiovascular diagnosis

The large amounts of data generated by healthcare transactions are too complex and voluminous to be processed and analysed by traditional methods. Data mining can improve decision-making by discovering patterns and trends in large amounts of complex data. In the healthcare industry specifically, data mining can be used to decrease costs by increasing efficiency, improve patient quality of life, and perhaps most importantly, save the lives of more patients. The main goal of this project is to apply data mining techniques in order to make possible the prediction of the degree of disability that patients will present when they leave hospitalization. The clinical data that will compose the data set was obtained from one single hospital and contains information about patients who were hospitalized in Cardio Vascular Disease's (CVD) unit in 2016 for having suffered a cardiovascular accident. To develop this project, it will be used the Waikato Environment for Knowledge Analysis (WEKA) machine learning Workbench since this one allows users to quickly try out and compare different machine learning methods on new data setsThis work has been supported by Compete: POCI-01-0145-FEDER-007043 and FCT within the Project Scope UID/CEC/00319/2013.info:eu-repo/semantics/publishedVersio