Venezuela: The Price of Revolution
By Nathan Crooks
April 7, 2015
Bloomberg
"...Venezuela has more oil than Saudi Arabia and more poverty than Brazil. As the world’s only left-wing petrostate, it hopes to light a revolutionary path to prosperity for Latin America’s poor. The country’s an economic and social mess, though, with inflation pushing 70 percent, the world’s highest rate, and a homicide rate second only to Honduras. With the price of oil falling by half in the second half of 2014, the legacy of the late President Hugo Chavez is at risk as his hand-picked successor, Nicolas Maduro, struggles to keep providing cheap oil and other subsidies to buy influence abroad and popular support at home. Citizens wait in long lines to find scarce household items from deodorant to toilet paper. Congressional elections expected later this year will give Maduro’s government its first major electoral test..."
Read the Full Article @:
http://www.bloombergview.com/quicktake/venezuela-price-revolution
April 7, 2015
Bloomberg
"...Venezuela has more oil than Saudi Arabia and more poverty than Brazil. As the world’s only left-wing petrostate, it hopes to light a revolutionary path to prosperity for Latin America’s poor. The country’s an economic and social mess, though, with inflation pushing 70 percent, the world’s highest rate, and a homicide rate second only to Honduras. With the price of oil falling by half in the second half of 2014, the legacy of the late President Hugo Chavez is at risk as his hand-picked successor, Nicolas Maduro, struggles to keep providing cheap oil and other subsidies to buy influence abroad and popular support at home. Citizens wait in long lines to find scarce household items from deodorant to toilet paper. Congressional elections expected later this year will give Maduro’s government its first major electoral test..."
Read the Full Article @:
http://www.bloombergview.com/quicktake/venezuela-price-revolution
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