Venezuela election results may not be game changer

Economic woes likely drove the parliamentary defeat suffered by 'Chavismo' on Sunday, but unlike the case of Argentina, the solutions to Venezuela's problems are far less clear. Oil accounts for 85% of Venezuela's total exports and 28% of its GDP, according to Eclac, but the price of crude is at seven-year lows. Inflation was estimated by the IMF in October at 159% for the year – the highest in the world – and projected at 204% for 2016. The fund sees unemployment at 14% this year and 18% the next, the highest in the region. More…