Posts Tagged ‘Nicolas Maduro’

Venezuela’s moola from the mullah: Iran’s new $500million credit line

Monday, June 29th, 2015

Half a billion, “for peaceful purposes”:

Venezuela, Iran Sign Economic Cooperation Deals; Venezuela Signs $500M Credit Line With Iran

The agreements include pledges to cooperate in economic, financial, technological and scientific fields. Venezuela also signed a deal with Iran for a $500 million credit line to fund the development of joint projects and help Venezuela secure goods that Maduro said were “necessary for the Venezuelan people,” including drugs and surgical equipment, Reuters reported. The two nations also agreed to fund a joint research program in nanotechnology.
. . .
Iran’s Minister of Industry, Mines and Trade Mohammad Reza Nematzadeh reportedly said on Iranian television that the agreement was preliminary and would be reviewed by Iran’s finance ministry sometime in the future.

At El Nuevo Herald,

Reza Nematzadeh señaló que además de esta media docena de acuerdos la comitiva persa sostuvo conversaciones con otros ministerios y con el presidente del Banco Central de Venezuela, Nelson Merentes, quien, dijo, “estaba muy interesado para aumentar y profundizar” las relaciones bilaterales.

My translation: [Iran’s Minister of Industry, Mines and Trade Mohammad] Reza Nematzadeh indicated that, in addition to the half a dozen agreements, the Persian delegation held talks with other ministries and with Venezuela’s Central Bank president Nelson Marentes, who, he said “was very interested in increasing and deepening” bilateral relations.

At PressTV (emphasis added)

Moreover, Iran agreed to transfer its expertise to Venezuela in combating an “economic war” on the Latin American country, Maduro said, apparently referring to Iran’s experience in facing years of US-led sanctions.

The line of credit is part of a larger framework of six economic cooperation agreements with Venezuela.

Back in 2012, when Iran was banned from SWIFT banking transactions, which could have actually kept it out of much of the international markets and made the sanctions even more effective,Iran easily bypassed the problem with an alternative, rogue financial system it help set up with some South American countries, including Venezuela.

The system had already been set up by Iran in anticipation of the SWIFT ban.

For background information on Iran-Venezuela relations, if you can read Spanish, I highly recommend Emili Blasco’s Bumerán Chávez: Los fraudes que llevaron al colapso de Venezuela.

Venezuela: Maduro gets the [chicken?] flu

Monday, June 8th, 2015

Miss Otis regrets she’s unable to lunch today, madam
Miss Otis regrets she’s unable to lunch today
She is sorry to be delayed

Cole Porter

Unlike Miss Otis, Nicolas Maduro didn’t stray down Lover’s Lane. Instead, the Venezuelan dictator cancelled a previously-scheduled and well-publicized audience with Pope Francis due to flu and otitis, which is what brought Miss Otis to mind.

Of course, Maduro had to say it in a cadena (which is broadcast on all licensed TV and radio stations in the country).

The news report states that the cancellation

comes as the Catholic Church in Venezuela has been stepping up criticism of human rights abuses in the country.

The Venezuelan Catholics are stepping up the pressure; however, Pope Francis has yet to speak in behalf of Leopoldo Lopez, who is still rotting in jail and killing himself with a hunger strike,

Good evening. It’s Lillian [Lopez’s wife]. Leopoldo sent me an important message. Today is his 12th day in hunger strike. Please RT.

Considering how Pope Francis’s own-brokered Cuba/U.S. deal left Cuban dissidents flapping in the wind, and how chummy Raul and Francis got along, perhaps Maduro could have claimed a miraculous cure and gone on his Vatican junket with no adverse side effects.

Related:
Dictatorship and the Nature of the Vatican

Venezuela: Maradona for FIFA president!

Wednesday, June 3rd, 2015

Before we get to Maradona, this:
Venezuela’s currency isn’t worth a penny

Just a month ago, $1 was worth 279 bolivars. That was already pretty dismal for Venezuela. Now $1 equals 408 bolivars, according to the unofficial exchange rate, which most Venezuelans get when they try to trade currency.

Put another way, one bolivar equals $0.002 — less than a penny. The country’s currency has lost nearly half its value since the beginning of May, according to dolartoday.com, a website that tracks the unofficial exchange rate.

It’s another sign that Venezuela is arguably the world’s worst economy.

Elsewhere in the nuthouse,
Diego Maradona backed for FIFA presidency by Venezuela’s Maduro

Speaking on his national television program, Maduro said Argentine football legend Maradona had been calling out FIFA for decades, only to be laughed at. Maradona has been a high-profile supporter of the 16-year-old socialist revolution launched in Venezuela by late President Hugo Chavez.

Just weeks ago, the 1986 World Cup winner wrote a column in The Telegraphnewspaper in England blasting Blatter as a “dictator for life,” while calling FIFA “a disgrace.”

Maradona has exhibited disgraceful behavior of other sorts over the years, but I’m inclined to agree with him on FIFA.

Heck, things are so crazy Maradona may even get the job.

We’ll talk about this in tonight’s podcast at 8PM Eastern.



Venezuela: Diosdado and drugs – whose powerplay?

Tuesday, May 19th, 2015

José De Córdoba and Juan Forero report at the WSJ:
Venezuelan Officials Suspected of Turning Country into Global Cocaine HubU.S. probe targets No. 2 official Diosdado Cabello, several others, on suspicion of drug trafficking and money laundering. Diosdado is not alone:

In addition to [Interior Minister Tarek] Mr. El Aissami, other powerful officials under investigation include Hugo Carvajal, a former director of military intelligence; Nestor Reverol, the head of the National Guard; Jose David Cabello, Mr. Cabello’s brother, who is the industry minister and heads the country’s tax collection agency; and Gen. Luis Motta Dominguez, a National Guard general in charge of central Venezuela, say a half-dozen officials and people familiar with the investigations.

Diosdado’s reaction?

In an appearance on state television Wednesday, Mr. Cabello said he solicited a court-ordered travel ban on 22 executives and journalists from three Venezuelan news outlets that he has sued for publishing stories about the drug allegations earlier this year.

Jaime Bayly interviewed one, Miguel Henrique Otero, editor and director of El Nacional daily, last night (video in Spanish),

Daniel sees Diosdado as Hugo Chávez’s creation,

Because let us all be clear about one thing: this has happened because Hugo Chavez, the hero of the left, has allowed for it to happen, has encouraged it to happen. Diosdado did not come out of thin air. That maybe he became too strong for Chavez to control is another story, but Diosdado Cabello is a Chavez creation, just one of the cogs in the drug machinery that Chavez set up to help the FARC against Uribe. And the cogs are many, including noteworthy high ranking pieces like current Aragua state governor.

Daniel expects that

Diosdado Cabello will take down with him as many as he needs to take down. He will take the country down with him if he needs to.

Caracas Chronicle’s Juan Cristóbal Nagel believes

the unraveling of the Suns Cartel has tremendous implications for the power balance within chavismo.

Nagel calculates it’s a US$27 billion/year enterprise, which was “was anything but clandestine, and anything but competent,” and

Maduro has an obvious choice: either tie his sinking presidency to the fate of clumsy, leaky, “stocky and bull-necked” (loved that) drug smugglers, or turn Diosdado and crew over and save face. And just what do you think the Cubans will suggest he do? Maduro’s handlers, after all, are the folks who murdered Arnaldo Ochoa.

Of course, this is all speculative, but if you think Maduro isn’t mulling what to do at this point, then I think you’re being naive.

Nagel has the perfect photo and caption in his post,

Clubbing with Godgiven

Miguel Octavio ponders, Is Maduro so strong that he can get rid of the most powerful former military in Government just like that?

Amid all this speculation, the only thing you can rely on is that, no matter the outcome, the U.S. will continue to be portrayed as the root of all evil.

Venezuela: Electricity rationing because of . . . global warming

Thursday, April 30th, 2015

The country with (allegedly) highest oil reserves is starting to ration electricity.
Venezuela to Begin Nationwide Power Rationing
Persistent heat wave causes a surge in demand for air conditioning

Shaky power supply is one of many problems facing Venezuela as the resource-rich South American country reels from an economic crisis and a cash crunch partly due to lower oil prices. Frequent blackouts in the interior of the country have stoked accusations of mismanagement and insufficient power grid investment by the government, which nationalized the electricity sector under the late leftist leader, Hugo Chávez.

But authorities in Venezuela, which relies on hydroelectric turbines for two-thirds of its power supply, say climate change is to blame.

“This is, of course, linked to global warming and the excessive industrialization of capitalism, which never stops, nor has ever stopped, for the effects that it can have on the climate, on society and on Mother Earth,” Mr. Arreaza said.

The blackouts have been going on for a couple of years, but the rationing is new.

Talking from both sides of the mouth, they ask that you get a generator, to use up more Venezuelan gasoline that the government insanely subsidizes to a consumer price of $0.002 a gallon, because, capitalism causes global warming or something,

Vice President Arreaza also made a bizarre call for the use of “autogenerated” electricity to reduce demand on the government’s plants. “Both the public sector as well as large [private] consumers should opt for autogeneration,” he said in the statement announcing the new plan. “That is to say, that they use their own equipment and plants to generate electricity, especially in peak hours, and not use the National System.”

Venezuela is probably netting less than US$20/barrel on its heavy, low-quality oil. It needs oil at $151 a barrel to balance its budget.

Another Venezuelan export, cacao, can’t generate revenues because the government cancelled export permits.

Again, Communism doesn’t work.

The Hezbollah camps Carnival of Latin America and the Caribbean

Monday, April 27th, 2015

While the U.S. media distracted itself with news about Bruce Jenner and tried to ignore Hillary Clinton’s corruption, the big news story of the week came via Emili Blasco: Nicolas Maduro negotiated with Hezbollah chief Hassan Nasrallah for Hezbollah training camps in Venezuela. See also Venezuela, el principal nexo de Hezbollah en América
A lo largo de los años, Tarek El Aissami ha desarrollado una red financiera sofisticada y de múltiples niveles
(more posts on El Aissami here).

ARGENTINA
Cristina Kirchner and Vladimir Putin cuddle up over oil – and bitter feelings for Britain
Argentina and Russia signed a a “strategic partnership” that included oil and gas deals, after Ms Kirchner visited Moscow and the Kremlin

BRAZIL
The ghost in the Planalto
Dilma Rousseff is in office but no longer in power

Thankfully, it is hard to imagine suicide or a coup. It is also hard to see Ms Rousseff, a tough former urban guerrilla who survived torture, resigning. And Brazilian law holds that a president can be impeached only for political or common crimes committed during her current term of office—though whether that rule would necessarily exempt any malfeasance during her first term is not clear. So far nothing ties Ms Rousseff to corruption; some would like fiscal irresponsibility to be impeachable, but probably it is not. It is for Mr Cunha to decide whether to start impeachment, and he is one of 52 politicians being investigated over alleged illegal donations from Petrobras.

Brazil’s Petrobras Reports Nearly $17 Billion in Asset and Corruption Charges
State-run oil company writes off $2.1 billion of alleged bribe payments

Images of transgender prisoner whose face was ‘pulverized’ by police after they stripped her and shaved her head spark outrage in Brazil

CHILE
Chile volcano ash cloud reaches Brazil; some flights canceled

COLOMBIA
Colombian Physicians Get the Final Go-Ahead for Euthanasia
18 Years of Legal Limbo Over with New Regulatory Protocol

Cobweb explosives, #FARC’s latest method discovered by Fudra [armed forces]

COSTA RICA
Scientist in Costa Rica discovers new species of glass frog
Brian Kubicki discovers the Hyalinobatrachium dianae glass frog species in Costa Rica’s Talamanca mountains

CUBA
Giving Obama Cover on Cuban Weapons Shipment

New York Governor Andrew Cuomo visits Cuba

ECUADOR
Ecuadorian Activists Want Nothing Less than Universal Marijuana
Cannabis Ecuador: “With or Without Prohibition, There Will Always Be Drug Use”

MEXICO
MEXICAN AUTHORITIES RECOVER STOLEN RADIOACTIVE MATERIAL

NICARAGUA
In Paradisiacal Nicaragua, Contemplating a Canal. Paradisiacal?

PANAMA
Panama, reputed to be region’s top money laundering hub, toughens up legislation

PARAGUAY
Paraguay preps bond tap in buoyant market

PERU
Protester killed in Peru during rally against Southern Copper project

Peru library to preserve Vargas Llosa’s vast literary treasure

PUERTO RICO
S&P downgrades Puerto Rico debt to ‘CCC+’ from ‘B’

URUGUAY
Ex-Gitmo detainees protest at US embassy in Uruguay, demand financial support

VENEZUELA
Should Venezuela be on the List of Terrorist States?

WATCH: ROGUE MANGO ATTACKS VENEZUELAN PRESIDENT NICOLÁS MADURO

Woman who hit Venezuela leader with mango rewarded with new home
Woman who threw mango at Venezuela’s President Nicolas Maduro promised new home

The week’s posts and podcast:
Colombia: How are the FARC negotiations going?

Sunday tango at the gazebo

En español: Unidad de quemados #217

Oh look, the guy behind the Clinton uranium deal was also the guy behind the Clinton FTA deal

Argentina: Hitting new lows on the #Nisman murder

Venezuela: Maduro negotiated for Hezbollah training camps in Venezuela

Chile: Here’s the kaboom!

Alinsky wears high heels

Venezuela: Censorship all around

Cuba: Strawberries can get you jailed

Argentina: Prosecutor drops #Nisman’s case

Bolivia: Dumb. And dumber.

Podcast:
Argentina, Brazil, Venezuela & other US-Latin America stories



Venezuela: News from Poyais

Thursday, April 16th, 2015

Miguel Octavio tells us the story of Gregor MacGregor, creator of the country of Poyais, in From Poyais To Andorra: A Tradition Of Venezuelan Fraud

Good thing Lord Crawley wasn’t born yet.

In other Venezuelan news,
Venezuela to announce “political and economic” measures against Spain
Diplomatic spat grows over Spanish lawmakers’ call to release Caracas opposition leaders

The tit-for-tat dispute ignited after the Spanish Congress passed a non-binding resolution calling for the immediate release of jailed Venezuelan opposition leaders, including Leopoldo López and Caracas Mayor Antonio Ledezma, who are being held in a military prison outside the capital.

“The [Spanish parliament] should go and voice their opinions about their own mothers, but they should not be giving opinions about Venezuela,” Maduro said in response on Tuesday night. He also accused Rajoy of maneuvering with others to oust his government.

Stay classy, Maduro.

Venezuela: Get ready for $10 oil?

Thursday, February 19th, 2015

Gary Shilling at Bloomberg is saying, Get ready for $10 oil It has to do with the marginal cost of production,

or the additional costs after the wells are drilled and the pipes are laid. Another way to think of it: It’s the price at which cash flow for an additional barrel falls to zero.

Last month, Wood Mackenzie, an energy research organization, found that of 2,222 oil fields surveyed worldwide, only 1.6 percent would have negative cash flow at $40 a barrel. That suggests there won’t be a lot of chickening out at $40. Keep in mind that the marginal cost for efficient U.S. shale-oil producers is about $10 to $20 a barrel in the Permian Basin in Texas and about the same for oil produced in the Persian Gulf.

Also consider the conundrum financially troubled countries such as Russia and Venezuela find themselves in: They desperately need the revenue from oil exports to service foreign debts and fund imports. Yet, the lower the price, the more oil they need to produce and export to earn the same number of dollars, the currency used to price and trade oil.

With the drop in prices,

Among the hardest hit are those nations that rely on oil for much of their government revenue and were in financial trouble before prices plunged. Venezuela along with its state-run oil company issued more debt than any developing country between 2007 and 2011. Venezuela has been downgraded to the bottom of the junk pile — CCC by Fitch — and credit-default swaps on Venezuelan debt recently indicated a 61 percent chance of default in the next year and 90 percent in the next five years. The nosedive in oil prices also is devastating African exporters Ghana, Angola and Nigeria, where oil finances 70 percent of the government’s budget.

How Bad Is Venezuela’s Economic Chaos? Bad enough that

Maduro has yet to fully account for how his government will meet its $10.3 billion debt obligations in 2015. A March 16 payment totally $1.1 billion is fast approaching and Venezuela’s economy is languishing.

I am not optimistic at all; even if Maduro goes, the country can remain under a dictatorship, just as Cuba has, for decades to follow.

And, by the way, even when the minimum monthly wage of 5,600 bolivars ($32 on a new exchange market created last week) is close to useless, the late dictator Hugo Chavez managed to sock away US$12 billion in his HSBC account.

So, all of you who preach that “Chavez immensely decreased inequality” in Venezuela can take that, spread it, and eat it on a cracker.

Venezuela: Turned away at the prison gates

Tuesday, January 27th, 2015

The Venezuelan government has turned down a request by former presidents of Chile and Colombia to visit opposition leader Leopoldo Lopez in jail (h/t HACER). Mexico’s former president Felipe Calderón would also been turned away, creating An impossible to avert PR mess for Maduro

Piñera and Pastrana have now a first hand account, a direct witness position on repression in Venezuela. They saw the Nazional Guards everywhere, they were both somewhat threatened by diverse hecklers and possibly by “security”, they experienced personally the harshness and autism of the regime, etc, etc.

@AndresPastrana_ and @sebastianpinera enter Ramo Verde to meet with @leopoldolopez

Maduro then doubled down and accused Piñera and Pastrana of enriching themselves from drug money (as if Piñera needed the money). This is particularly offensive to Pastrana, who was held prisoner by Pablo Escobar 27 years ago.

Pastrana, on his part, scored a dig or two on Maduro, referring to him as “my fellow countryman”, since Maduro may have been born in Colombia – which would disqualify Maduro from being president of Venezuela (video in Spanish),

Pastrana points out that he and Piñera went to the Ramo Verde jail on the regular visiting day, when no permits are required to see the inmates.

Just another day in the Communist Bolivarian Revolution.



Venezuela: Qatar gives a band-aid

Wednesday, January 14th, 2015

No specifics, though:
Qatar Helps Venezuela Weather Oil Crisis
Venezuela Will Receive ‘Several Billion Dollars’ in Financing From Qatari banks, President Nicolás Maduro said, as Opposition Members Criticized the Leader’s Economic Stewardship.

“They’re giving us enough oxygen to cover the fall in crude prices,” he said in remarks carried on Venezuelan state television.

An untold amount, in an untold date, by unnamed banks.

Sounds like a deal!

Meanwhile, Venezuelan authorities are doing what they do best:
Over 1.5 Million Diapers Seized from Venezuela Warehouse

A government raid on a warehouse in western Venezuela has resulted in the confiscation of more than 1.5 million diapers along with over 360 tons of detergent and thousands of pounds of food which were being illegally hoarded.

Venezuelan Vice President Jorge Arreaza said on state television Monday that during the raid, 1,523,776 diapers, 360 tons of detergent powder, as well as conditioners, razors and towels, were found.

In the warehouse, situated in Zulia province, there were also 15,000 units with thousands of liters (gallons) of infant milk substitute, 17,076 kilograms (37,646 pounds) of beans, 11,176 liters (2,952 gallons) of milk, 40,250 kilograms (88,736 pounds) of maize flour and 30,000 kilograms (66,139 pounds) of rice, Arreaza said.

They also found sanitary napkins, shampoos of different brands, soap powder, toothpastes, batteries, napkins, food supplements, milk powder, salsas and pet food.

No band-aids there.

And people who photograph the long lines and empty shelves are sent to jail.

Juan Cristobal Nagel posted videos of folks Overcoming capitalist savagery at Farmatodo Bella Vista: