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Venezuela issues at the G7 meeting

Tuesday, June 20, 2017

Story image for venezuela from Vanity Fair Wall Street Weighs Pros and Cons of Propping Up Another authoritaran regime

Last month, Goldman Sachs earned itself a bit of negative press when The Wall Street Journal reported that it had purchased $2.8 billion worth of bonds held by Venezuela’s central bank. As you may have heard, things in the South American country have not been going so well of late, what with the economy having shrunk 27 percent since 2013 and the International Monetary Fund projecting inflation will clock in at 720 percent this year. Last year, President Nicolás Maduro suspended state elections, purportedly until sometime this year, and in recent weeks the death toll from daily anti-government demonstrations has risen to at least 60. Maduro, meanwhile, has slashed imports of food and medicine in order to ”conserve cash and continue bond payments,” according to the Journal. More…

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