Venezuela, the next Zimbabwe

Opposition leader Leopoldo Martínez looks at the dismal situation,
Venezuela Is the Next Zimbabwe
As inflation rages, Nicolás Maduro seizes private farms and companies, arresting businessmen for ‘speculation.’

Seven months later, the responsibility for Venezuela’s present crisis lies squarely with Mr. Maduro. According to his government’s own figures, inflation currently stands at 54%, the highest in the Americas. Much as Chávez did, Mr. Maduro has plundered Venezuela’s oil industry, which accounts for 95% of export earnings, by providing billions of dollars in oil subsidies to Cuba and other regime allies. Despite the regime’s much trumpeted commitment to wealth redistribution, the country is plagued by shortages of basic goods like cooking oil, milk and corn flour, while concerns over a government debt default have led Standard & Poor’s to downgrade the country’s credit rating to B-. Amid the deepening misery, barely a week goes by without some fresh conspiracy charge leveled at the United States.

It’s going to get worse, for sure.

Related: Moody’s Downgrades Venezuela’s Debt to Caa1

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3 Responses to “Venezuela, the next Zimbabwe”

  1. Phineas Says:

    “Related: Moody’s Downgrades Venezuela’s Debt to Caa1”

    Next stop, “CaaCaa1”

  2. Fausta Says:


  3. » Fueling concerns Says:

    […] (WSJ extract courtesy of Fausta’s blog.) […]