In the olden days of Latin American
financial turmoil, the emergency creditors at the International Monetary Fund
and the World Bank insisted on tying strings to their money. They were wary of
pouring fresh cash into a lost cause. They wanted "structural adjustments,"
meaning belt-tightening austerity measures. Curiously, that is not what
happened this week when Venezuelan President Nicolás Maduro went to Beijing,
hat in hand, and secured a new $5 billion loan. The re-up looked as easy as a
swipe at a drive-thru ATM. More… 
Friday, September 4, 2015
China strengthens ties to cash-strapped Venezuela with $5 billion loan
In the olden days of Latin American
financial turmoil, the emergency creditors at the International Monetary Fund
and the World Bank insisted on tying strings to their money. They were wary of
pouring fresh cash into a lost cause. They wanted "structural adjustments,"
meaning belt-tightening austerity measures. Curiously, that is not what
happened this week when Venezuelan President Nicolás Maduro went to Beijing,
hat in hand, and secured a new $5 billion loan. The re-up looked as easy as a
swipe at a drive-thru ATM. More… 
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