By Fernando Menéndez, principal of Cordoba Group Int'l LLC
China - US Focus - October 9, 2013
Venezuela’s President Nicolás Maduro recently returned from Beijing
with a $5 billion line of credit from the China Development Bank (CDB).
This comes at a very difficult time for Maduro, whose regime’s support
is at an all time low since his predecessor, Hugo Chávez, first came to
power 15 years ago. For Maduro things abroad look better than things at
home.
A former bus driver, named as successor to the late, charismatic
Chávez, Maduro is driving his country’s economy into a ditch. Instead
of correcting his path, he has been shifting blame for his mismanagement
on to others.
The Broken Record
Despite one of the largest oil booms in history, yielding over $90
billion a year to the Venezuelan government, Maduro runs one of the
worst performing economies in the Americas.
Since coming to power in April, after a hotly contested election in
which he claimed to receive just over fifty percent of the vote, Maduro
has presided over recurrent national electricity blackouts, one of the
highest murder rates in the world, shortages of basic goods such as
rice, oil, butter, flour, and even toilet paper.
To read more...
No comments:
Post a Comment