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Venezuelan real salary has fallen 89.9% by March

Wednesday, February 15, 2017

Exit the Dragon: Why China Should Stop Supporting Venezuela

Poor Venezuela, so far from God, so close to the People’s Republic of China. Having bid farewell to tumultuous 2016, President Nicolás Maduro’s embattled government, hit hard by low oil prices, has again bucked market expectations, muddling through without defaulting on sovereign bonds or those of the state-owned oil company PDVSA. Paying off $10 billion to Wall Street last year required many sacrifices from Venezuela: selling off or mortgaging international assets and slashing imports by nearly 50 percent for the second year running, exacerbating harrowing nationwide shortages of vital medicines and food. Without a sudden recovery of oil prices, 2017 will be even harder. More…

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