Venezuela

Venezuela
Friday, January 29th 2016 - 03:28 UTC

Maduro claims he will not rest until a Celac summit is held in Malvinas Argentinas

“We shall not rest until having made true Latin America and the Caribbean's dream of Argentine Malvinas and holding a Celac summit there in the Islands”

Venezuelan president Nicolas Maduro was the only leader to take time during the recent Celac summit, to make a public statement on the Falklands/Malvinas pledging full support for Argentina's sovereignty claim over the Islands and promising not to rest until “the dream of Malvinas Argentinas comes true”.

Tuesday, January 26th 2016 - 07:34 UTC

Venezuela could lose UN voting rights because of US$ 3m in arrears

Venezuela, which is set to take over the rotating presidency of the UN Security Council in February, has to fork out just under US$3 million.

St. Vincent and the Grenadines, Venezuela and the Dominican Republic are among nine countries that have lost their voting rights at the United Nations because of arrears in their annual contributions to the world body.

Monday, January 25th 2016 - 10:01 UTC

IMF estimates 2016 Venezuela inflation at 720% and 8% economy contraction

“A lack of hard currency has led to scarcity of intermediate goods and to widespread shortages of essential goods exacting a tragic toll,” Werner said.

Venezuela’s consumer inflation, already the world’s highest, will more than double this year surging to 720% in 2016 from 275% last year, according to a note published by the IMF’s Western Hemisphere Director, Alejandro Werner.

Friday, January 22nd 2016 - 05:12 UTC

Banks don't discard credit-short Venezuela will undergo a 'credit event' in 2016

President Nicolás Maduro assured the National Assembly last week that Venezuela would continue to pay what it owes

Slumping crude prices have investors and analysts warning of a potential messy default in Venezuela, with state-owned oil company PDVSA owing some US$10 billion in external debt payments due this year. With crude hovering around US$28 per barrel, Venezuela could have trouble satisfying its obligations.

Tuesday, January 19th 2016 - 06:47 UTC

Bank of America anticipates strong devaluation for bankrupt Venezuela

Maduro is expected to merge the three-tier currency controls into two, taking the dollar to a level of 35 bolivar. Black market greenbacks are traded at 865 bolivars

Bank of America predicted president Nicolas Maduro would merge Venezuela’s three-tier currency controls into two, replacing the strongest rate of 6.3 bolivars to the dollar with a level of 35. Greenbacks go for around 865 bolivars on the black market.

Saturday, January 16th 2016 - 10:58 UTC

Venezuela in “economic emergency”: Q3 inflation 141.5% and GDP down 7.1%

The decree, read by new economy vice president Luis Salas and to be debated by parliament, did not mention any major policy changes such as a devaluation

Venezuelan President Nicolas Maduro's government has decreed a 60-day “economic emergency” for the recession-hit OPEC nation reeling from low oil prices and a sputtering state-led economic model. The government on Friday also published the first macroeconomic data for more than a year, showing GDP dropped in the third quarter while inflation surged.

Wednesday, January 13th 2016 - 07:46 UTC

Venezuela's First Lady claims her two 'narco-nephews' were kidnapped by DEA

Cilia Flores, who serves in congress, told Venezuelan weekly Tal Cual that the U.S. was seeking revenge and trying to force the socialists from power in Venezuela.

Venezuela's first lady on Tuesday broke her silence on the arrest of her two nephews on drug trafficking charges, saying they were kidnapped by the U.S. Drug Enforcement Administration.Cilia Flores, who serves in congress, told Venezuelan weekly Tal Cual that the U.S. was seeking revenge and trying to force the socialists from power in Venezuela.

Wednesday, January 13th 2016 - 05:34 UTC

Venezuela's 'super majority' power struggle paralyzes government

At stake in the power struggle between the legislature and judiciary is the opposition's “super-majority,” which can be used to force Maduro from office

Venezuela sank deeper into a messy political crisis Tuesday as the opposition-controlled National Assembly suspended its session after the Supreme Court declared it null and void. Speaking before a nearly empty chamber, speaker Henry Ramos Allup, a fierce opponent of President Nicolas Maduro, declared the National Assembly lacked a quorum and would reconvene Wednesday morning.

Tuesday, January 12th 2016 - 07:36 UTC

Judicial and Legislative branches clash in Venezuela threatening institutional stability

The Supreme Court dominated by chavistas declared the National Assembly's leadership in contempt of court and voided the legislature's decisions

Venezuela headed into ever more complicated political waters on Monday as the Supreme Court declared the newly opposition-controlled legislature null and void and the opposition vowed to continue defying the judges.

Friday, January 8th 2016 - 11:46 UTC

Venezuela's problems are because it's “too capitalist” says new Economy czar

Luis Salas, 39, has scant administrative experience, but champions the same theories of price and currency controls that have defined Venezuela's economy

President Nicolas Maduro is doubling down on his existing economic policies with the appointment of a young leftist hardliner to head the country's dilapidated economy, setting the stage for confrontation between the ruling socialist party and the newly powerful opposition.

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