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Venezuelan real salary has fallen 89.9% by March

Tuesday, May 2, 2017

Supreme Court sides with Venezuela in dispute over seized oil rigs

The U.S. government had sided with Venezuela, arguing that ruling for the company could harm foreign relations and lead other countries to retaliate against American interests. The case began after Venezuela’s former president Hugo Chavez issued a decree seizing control of the oil rigs owned by U.S. driller Helmerich & Payne International Drilling Co. The company refused to operate them after Venezuela’s state-owned oil company fell more than $100-million behind in payments. Chavez said the “forced acquisition” was necessary to put the idled rigs back to work. More…

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