How Much Longer Can Venezuela Keep The Wolves At Bay?

Venezuela is facing a severe economic crisis, one that could get worse before it gets better. Venezuela’s GDP is expected to contract by a staggering 9.1 percent this year, according to a Barclays report, as plummeting oil prices have hollowed out the South American nation’s economy. Venezuela depends on oil for more than 95 percent of its export revenue. With oil prices trading at a fraction of what they were in early 2014, the Venezuelan economy is crumbling. The contraction in GDP could stretch to 16.5 percent between 2014 and 2016. More…