CARIBBEAN VIEW: Venezuela in financial difficulty, will Petro Caribe survive?

So, at the moment, despite the unwelcome outcome of the OPEC meeting for Venezuela, Petro Caribe beneficiary countries, including those in the Caribbean, will continue to benefit even as the Venezuelan economy reels from the impact of US$40 a barrel less in income for its oil. The beneficiary countries have good reason for appreciating the goodwill and co-operation of the Maduro Government.   They would best show it not only by building-up their foreign reserves to cope with future increases in oil prices that will inevitably come, but also by actually repaying the loan component of the oil shipments they now receive.  By doing the latter, they would reduce their own high indebtedness and they would also allow Maduro to show the Venezuelan people a return on the investment that he and his predecessor, Hugo Chavez, made in Caribbean and Central American countries.   More…