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Economy

Maduro Announces the Creation of the Communal Development Bank

Venezuelan president Nicolas Maduro. (AVN)

On Tuesday, President Maduro announced the creation of the Communal Development Bank and the Presidential Council of Popular Communes as a new structure to bolster local popular power.

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Why Venezuela Should Not Default

(archive)

In a provocative article published last week Venezuelan economists Ricardo Hausmann and Miguel Angel Santos make an argument that if authorities adopted a set of common-sense policies, they argue, these would include defaulting on the country’s foreign debt and making bondholders bear part of the burden of adjustment. Francisco Rodríguez  argues that Venezuela should not default on its debt because default Venezuela is not insolvent.

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Venezuelans Protest Big Business for their Role in the Economic War

Cory Fischer-Hoffman/Venezuelanalysis

Amidst the ongoing “economic war” in Venezuela, 200 people from various political collectives marched to Fedecamaras headquarters to place a spotlight on how the largest business confederation may be contributing to scarcity, inflation and speculation in Venezuela. 

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Venezuela’s Economic “Architect” Giordani’s Exit from Government Causes Controversy

Jorge Giordani (AVN)

The dismissal of one of the government’s long standing economic figures, Jorge Giordani, from his ministerial post has caused debate and controversy in the South American country.

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“We Still Have Time to Change Course Away from Bourgeois Conciliation”: An Interview with Activist and Aporrea Founder Gonzalo Gomez

Gonzalo Gomez (archive)

Gonzalo Gomez, a founder of alternative Venezuelan news website Aporrea.org, and a member of Socialist Tide, a critical left current within the United Socialist Party of Venezuela, gives his view on the current political moment and possible future trajectories for the Bolivarian revolution.

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Maduro: Universal Welfare Aim of Venezuela’s Socio-Economic Model

Maduro economic announcement

Venezuelan president Nicolas Maduro announced new initiatives yesterday to address current economic problems, stating that guaranteeing the population’s universal welfare is a key aim behind policymaking.

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Venezuelan Annual Wage Increase Below Inflation For First Time in 15 Years

Maduro said the national government has awarded 25 wage increases in the last 15 years (Prensa Presidencial)

Yesterday, President Nicolas Maduro announced a 30% increase in the minimum wage and pensions. For the first time, the Bolivarian government’s May Day increase is less than annual inflation, which was at 57.3% in February, with March experiencing 4.1% inflation.

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FiveThirtyEight Gets it Wrong on Venezuela

FiveThirtyEight.com features Venezuelan economy

Nate Silver, who became famous for his use of polling data to accurately project U.S. elections, launched a new blog – FiveThirtyEight.com last month.  It’s been off to a rough start, Paul Krugman wrote soon after its launch, “[S]loppy and casual opining with a bit of data used, as the old saying goes, the way a drunkard uses a lamppost — for support, not illumination.” I leave it to the reader to decide whether the FiveThirtyEight article on March 17 by Dorothy Kronick on Venezuela fits this description.

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Venezuela: The Left, Context, Prices and the Market

Roland Denis

How shall we put today’s revolutionary left in Venezuela into context?

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Venezuela's New Currency Exchange System Based on “Supply and Demand”

Currency controls have been in place in Venezuela since 2003 (Venezuelanalaysis)

A third currency exchange system has been introduced in Venezuela in efforts to stabilise the value of the bolivar, called Sicad II, which will facilitate daily currency auctions at prices determined by “supply and demand”, according to Vice President for the Economic Area Rafael Ramirez.

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