Maduro Now Owns Venezuela's Economy and Its Collapse

[Zorro]

Venezuela’s socialist regime has consolidated near-total political control after installing an all-powerful constituent assembly. Resolving the economic crisis and coming up with $3.5 billion for bond payments through November however will prove trickier.

President Nicolas Maduro has thrived in the face of vicious street demonstrations, talk of military force by the U.S. and several rounds of sanctions. His new constituent assembly is bypassing congress and is expected to start rewriting the nation’s charter this week. But the end result may be that Maduro has sole ownership of the once-rich nation’s terminal financial collapse.

Maduro has been hunting for new financial lifelines in Russia as he’s slashed imports, called in debts and sold or mortgaged assets at a deep discount. As of July 31, the government had amassed $2.8 billion for its November payments, according to Caracas-based consultancy Ecoanalitica.

Reneging on debts could deepen the country’s cash squeeze and creditors could snatch up Venezuela’s assets abroad -- everything from refineries, to oil tankers and gas stations -- further undermining its ability to export.

https://www.bloomberg.com/news/articles/2017-08-29/defying-logic-and-sanctions-venezuela-s-economy-slumps-along

[secondwind]

1. And Russia is right there, ready and willing to "lend a helping hand ".

[DetlefK]

2. +1

And then the Far Left will blame the US for Russia ripping off Venezuela.

[Marksman_91]

3. But, but... MAH CIA! And MAH US SHADOW GUVMNT! AND MAH URIBE!

Sound familiar? Lol

[Zorro]

4. DU's Chavistas are oddly silent about events in Venezuela these days

Wonder why that is.

[GatoGordo]

5. They have been silent a long time

I've been lurking this board for years, never commenting until recently. Oh, how they lauded Chavez and Chavismo. And anyone who DARED second guess them in this forum was a "right-wing troll" and "disruptor".

But once the wheels started coming off their Socialist wagon, (they ran out of stolen money!) it didn't matter that Chavismo was becoming a dictatorship. What mattered was that Chavismo currently held power, and would use ANY MEANS to retain that power. Any other political persuasion was to be labeled "fascist" and any moderation of their Bolivarian project to be called "regression"... going backwards towards military dictatorship.

What I find funny now, about the Chavistas, is half of them are now seeking to embrace the "reforms" (private ownership of government built housing*, ending the practice of PSUV distributing CLAP bags) that the opposition demanded... the other half are "all in" for Cuban style democracy.

*Golly... who would have thought that the Chavistas would use Chavista control of housing and food to keep their core constituency voting for them?

[RandiFan1290]

6. Cool story, bro

Welcome back to DU

You blocked DU Mail from GatoGordo.

[Marksman_91]

7. I... don't get what this has to do with the conversation? N/t