By Ryan Mallett-Outtrim - Counterpunch, May 25th 2016
Ryan Mallett-Outtrim gives a run-down of the root causes of Venezuela's economic problems, arguing that the government's maintenance of exchange controls, not socialism, has sunk the country into a financial black hole.
Thousands took to the streets of Caracas this Sunday to commemorate International Workers Day and manifest their support for the beleaguered Chavista government of President Nicolas Maduro amidst a severe recession and a possible recall referendum.
Venezuelan Oil Minister Euologio del Pino has accused the US government of deliberately scuppering the efforts of major oil-producing countries to put a cap on global production levels amidst a historic slump in oil prices.
Thousands of Venezuelans protested Thursday against proposed legislation that critics say would privatize the country's public housing sector, while President Nicolas Maduro said he himself hopes to move into a public housing unit.