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Venezuela bondholders inch toward showdown

Sunday, July 9, 2017

What can be done about the crisis in Venezuela?

The U.S. government has just alienated the Cubans, while the U.S., China and Russia haven’t been able to agree on any pressing international crises, from North Korea to Syria. This could be a moment for Canada, enjoying a reputation for a more conciliatory and globalist approach in contrast with the bullying and nationalist approach of the new U.S. government, to play a quiet, nudging role. Canada occupies an important position in the hemisphere today as it speaks up to defend democracy and human rights, while also maintaining independent positions from the United States. Thus it cannot be accused by the Venezuelan government of being a U.S. lackey and could form part of an international contact group. At the same time, as a country with close ties to the Caribbean Community (CARICOM) countries, Canada could help overcome their reluctance to insist on Venezuela’s compliance with international democratic obligations by helping reduce their dependence on discounted Venezuelan oil. More…

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