When I was a child, my dad told me something big was coming for Venezuela's economy. He had been trying to explain to me in simple terms the unsustainable way in which our politicians were using our resources and - last but not least - our time...as he told me, it was not only about petrodollars wasted but generations lost.
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| Venezuela's Alpha & Omega |
El Universal has an interesting article today about Venezuela's debt: 232,589 billion dollars. There are lots of promises the government won't be able to fulfil. The public debt amounts to 93,6 billion dollars. The Chinese fund amounts to 32 billion dollars. PDVSA owns 43 billion dollars. Lots of people ask for employment benefits. Hundreds of thousands of temporary employees the government hired for electoral purposes are expecting to get a permanent contract and extra benefits.
Expect many more expropriations, expect a heavy devaluation after the December elections and expect bank intervention and the use of Venezuelans' savings to pay for salaries next year.
We still are having record oil prices.