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.
In this interview, investigator and former Mining and Basic Industries Minister, Victor Alvarez, argues that the government must implement an economic stabilisation plan with social welfare before it is too late.
Venezuelan President Nicolas Maduro announced yesterday his decision to appoint the former businessman and sitting commerce minister, Miguel Pérez Abad, as Vice-President for Productive Economy, replacing left-wing political economist Luis Salas after just six weeks in the position.
Venezuela’s opposition-controlled National Assembly rejected Friday an emergency economic decree that would have granted President Nicolas Maduro special powers to confront the country’s worsening economic crisis.