Andres Oppenheimer: Venezuela losing clout in region.
Here’s why:
In Central America and the Caribbean, Petrocaribe — the Venezuelan institution that provides subsidized oil to friendly countries — has raised from 50 percent to 60 percent the cash payments it demands from member countries and is also raising interest rates on their long-term oil debts.
In early November, Guatemala announced its withdrawal from Petrocaribe, saying that the new payment conditions were no longer attractive.
Not enough money to buy the love.
UPDATE:
Related: Voodoo economics in Cubazuela: Maduro’s Mojo kicks into high gear
There is an article in Globe and Mail that beginning in 2014 Nicaragua will have to come up with $30 million a month for money transfers to the poor that Venezuela had been providing. Where is Ortega going to come up with the money? They mentioned the oil refinery in Nicaragua. I thought that project was dead.
I thought that project was dead
As far as I can tell, it is, OT.