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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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Fuel Trafficking Decreases 53% in Venezuela

Venezuela's Vice-President Jorge Arreza (Photo: Reuters)

Venezuela's vice-president Jorge Arreaza said on Saturday that fuel trafficking in the country decreased 53 percent during 2014. Government said the decrease is result of program “Zero trafficking”.

 

 

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Venezuela’s PDVSA Discusses Sale of Citgo as Central Bank Reports Drop in Inflation

A Citgo gas station in Chicago, USA. (Wikimedia Commons/Sdi-jr)

Yesterday the Venezuelan Central Bank reported that inflation has dropped steadily from 5.7% in May of 2014 to 3.9% in the month of August, representing 63.4% accumulated inflation since August of last year. Now under new management, state-owned oil and gas company PDVSA is reportedly seeking US$10 billion dollars for the sale of the Citgo Petroleum Corporation.

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Ecuador Proposes Anti-Transnational Summit in Venezuela as Maduro Confronts Low Productivity Levels

Ecuadorian president Rafael Correa (left) with foreign minister Ricardo Patiño and Nicolas Maduro. (AVN)

Tomorrow Ecuadorian foreign minister Ricardo Patiño will meet with the Venezuelan president in Caracas to discuss the creation of an official Observatory of Transnational Companies. Nicolas Maduro also plans to meet with private and public sectors of the economy.

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Briefcase Companies and Phantom Importers

Luis Britto Garcia (courtesy)

Venezuelan writer Luis Britto Garcia argues that even before we critique the misuse of dollars by Venezuela’s flourishing phantom companies, we must look at what legitimate transnationals are allotted the most dollars through the government subsidy, and what their offered services say about the government’s priorities.

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Maduro Creates Council To “Revolutionize" Food Production in Venezuela

Venezuelan farmers will benefit from the increased production network, Maduro said. (archives)

On Sunday, Venezuelan President Nicolas Maduro announced the formation of a presidential council of farmers, fishers and rural producers working alongside a state-run food distribution company, aimed at addressing nutrition, food scarcity, and rural production in Venezuela.

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63% of Venezuelans Support Government Measures to Fight Smuggling: Poll

Sixty three percent of the Venezuelan population supports president Nicolas Maduro’s measures to fight food smuggling, according to the most recent monthly survey.

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Venezuelan Voices, Part II: An Inflammatory Question

A PDVSA [state] truck transporting gasoline in Caracas (AVN)

As Venezuelan president Nicolas Maduro combats corruption, reassigns half of ministry positions, launches “a new stage of the revolution,” and even hints at a minimum wage increase for November, the question remains what economic steps will be taken to reverse the high inflation that critics are quick to associate with his leadership.

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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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