Monday, May 30, 2016

Venezuela the stage is set for a chaotic exit


While he plays dramatically for time, Venezuela is collapsing. The International Monetary Fund predicts an 8 per cent economic contraction for 2016; the inflation rate is the fastest in the world; electricity and running water are luxuries. Food and medicine are scarce. Anaemic oil prices and a heavy debt load leave scant foreign exchange for the import sector. Mr Maduro is loath to reverse unsustainable fiscal and monetary policies he inherited from his mentor or to accept help from outside. It grows harder to tell if he is merely clinging to power at any cost or actively scuttling his country. More...

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