Venezuela Meltdown

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Re: Venezuela Meltdown

Post by WildCat » Mon May 21, 2018 2:22 pm

Maduro is just doing it wrong just like everyone else before him. Bernie et al will do it the right way, they swear!
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Re: Venezuela Meltdown

Post by Witness » Wed May 23, 2018 2:37 am

BBC wrote:Venezuela election: Maduro expels top US diplomat

Mr Maduro announced the expulsion of charge d'affaires Todd Robinson as his victory in Sunday's vote was being proclaimed officially.

He accused Mr Robinson of conspiring against his socialist government.
[…]
Fourteen countries including Argentina, Brazil and Canada recalled their ambassadors from Caracas in protest.

The US has not had a serving ambassador in Venezuela for eight years and Mr Robinson is its most senior representative.
[…]
The Venezuelan president ordered Mr Todd and his deputy head of mission, Brian Naranjo, to leave Venezuela within 48 hours.

Speaking at an event at the election board, he promised to present evidence that the US embassy had been engaged in a military, economic and political conspiracy.

He was, he said, defending the "dignity of the Venezuelan homeland".
[…]
Even before the election took place, the US, Canada, the EU and a dozen Latin American countries said they would not recognise the results.

Now Mexico, Colombia, Chile, Panama and Peru are among those scaling back their diplomatic relations with Caracas.

However, Russia, El Salvador, Cuba and China congratulated President Maduro on his election win.
http://www.bbc.com/news/world-latin-america-44218956

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Re: Venezuela Meltdown

Post by shuize » Tue May 29, 2018 8:50 pm

On May 29, Venezuela's inflation rate was reportedly at 24,459%.


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Re: Venezuela Meltdown

Post by Doctor X » Wed May 30, 2018 1:40 am

So UNDER 25,000%!

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Re: Venezuela Meltdown

Post by Skeeve » Wed Jun 13, 2018 1:18 am

The headlines pretty much say it all...

Is polio re-emerging in Venezuela nearly 30 years after eradication?
If polio is confirmed, Venezuela will be seeing its first case of polio in 29 years
:o



Venezuela oil upgraders halting operations amid export crisis: sources
...
Venezuela’s problems exporting oil this month led PDVSA to notify customers it would begin sea-borne transfers in an attempt to ease a bottleneck at its ports, where more than 70 vessels are waiting to load about 23 million barrels of oil.

PDVSA also told clients they could not send new tankers until the ships waiting to load were serviced.
I can only imagine the crew is having one hell of an extended shore leave.
:wink:


Venezuela Won’t Have Enough Oil To Export By 2019
...
Crude oil production in Venezuela is practically falling at an average of 10% every quarter and has been since mid-2017.
Yes a success, a flaming success...
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Re: Venezuela Meltdown

Post by Skeeve » Sat Jun 30, 2018 2:04 am



Asymmetrica President, Vanessa Neumann on the crisis in Venezuela and socialist Alexandira Ocasio-Cortez beating a Democrat in a New York primary election.

It does make one wonder....
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Re: Venezuela Meltdown

Post by Witness » Sat Jun 30, 2018 9:03 pm

shuize wrote:On May 29, Venezuela's inflation rate was reportedly at 24,459%.

Business Insider wrote:Venezuela's inflation hits more than 40,000% as investors dump its currency 'like a hot potato'
  • Inflation in Venezuela rose above the 40,000% mark this week.
  • The Maduro regime is bleeding money.
  • Some economists say the economy will continue to spiral as long as Maduro holds power.
Venezuela's government has largely stopped reporting economic data, including internal measures of inflation. The Central Bank of Venezuela, which did not immediately respond to request for comment, has not independently released inflation figures in at least a year.

Venezuelan President Nicolas Maduro has passed blame for the roiled economy onto others, including opposition activists and officials in Washington. At a campaign rally in May, he blamed hyperinflation on "criminal mafias."

But economists point out that Maduro runs the unorthodox policies they say have pushed the country into economic crisis. The socialist leader has repeatedly refused international aid to Venezuela.

"It's internal," Hanke said. "Government spending continues to accelerate and the sources of revenue start drying up."

The government has defaulted on a majority of their outstanding bonds, which economists estimate add up to about $60 billion. Foreign exchange reserves have fallen by about $2.5 billion in the last three months, according to analysis by Capital Economics.
http://uk.businessinsider.com/venezuela ... ?r=US&IR=T

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Re: Venezuela Meltdown

Post by WildCat » Sat Jun 30, 2018 10:38 pm

There were investors in Venezuelan currency? Really?
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Re: Venezuela Meltdown

Post by Abdul Alhazred » Sat Jun 30, 2018 10:45 pm

As long as it fluctuates a little on the way to worthless, you can have "investors".
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Re: Venezuela Meltdown

Post by Anaxagoras » Sat Jun 30, 2018 11:34 pm

WildCat wrote:There were investors in Venezuelan currency? Really?
Probably not as a straight investment in the currency itself. But somebody must own Venezuelan bonds (payable in dollars of course). And if there are tradable shares in Venezuelan companies, that's indirectly affected by their currency. I'm just guessing here what they meant.
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Re: Venezuela Meltdown

Post by Skeeve » Sat Jul 07, 2018 12:47 pm

Venezuela Hyperinflation Index Reaches the One Million Mark
A cup of coffee now costs one million bolivars in Caracas.

It’s an astonishing sum of money.
Image
Consider that just two years ago, when we launched the Bloomberg Cafe Con Leche Index, a coffee cost 450 bolivars. Or that today’s price is the equivalent of almost one-fifth of the monthly minimum wage. Or that to buy a cup with the most common bill in circulation -- the 100-bolivar note -- you’d need to gather up a stack of 10,000 of them.


And yet, at the same time, one million bolivars is really nothing. When converted into dollars, it comes to a mere 29 cents. This contrast -- a coffee burns through much of a worker’s entire monthly wage but costs just pennies -- illustrates the devastating effects of the government’s frantic money-printing policies and how they are sinking the country deeper into poverty.

With the latest price increase -- from 800,000 bolivars just a week earlier -- inflation over the past 12 months in Venezuela climbed to 43,378 percent, according to the index. And if you examine a snapshot of the past three months and project that pace out to a full year, it paints an even grimmer picture: inflation of 482,153 percent.
:o :o :o
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Re: Venezuela Meltdown

Post by Abdul Alhazred » Sat Jul 07, 2018 1:00 pm

29 cents for a cup of coffee?

Very cheap. :)
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Re: Venezuela Meltdown

Post by Witness » Sun Jul 08, 2018 3:12 am

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Petare, one of [sic] the biggest slums in Caracas, Venezuela.

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Re: Venezuela Meltdown

Post by shuize » Sun Jul 08, 2018 11:46 am

Abdul Alhazred wrote:29 cents for a cup of coffee?

Very cheap. :)
Ha. Ha. It's probably pretty good coffee.

Maybe they should try to market themselves as the next big ex-pat retirement destination.

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Re: Venezuela Meltdown

Post by Pyrrho » Mon Jul 09, 2018 1:19 am

http://www.fox5dc.com/news/local-news/v ... n-maryland
Nine people have contracted dangerous Vibrio infections in Maryland alone. The state’s Department of Health is warning residents to not eat crab meat from Venezuela.

“We’re selling a lot of crab meat, shrimp, lobster, whatever you want. We’re steaming it for you. And as far as this crab meat, we gotta get it from the eastern shore now, because we heard from the media what’s going on," said Clarence Goodman, with Jessie Taylor Seafood.

Goodman says the company is not taking any chances -- sticking with products almost exclusively from the eastern seaboard.

“I’ve got crab meat, I’ve got oysters, I’ve got clams, I’ve got the mussels. I’ve got, wow, 29 different kinds of fish,” said Goodman.

He says there are not carrying any products that contain Venezuelan crab meat. They're pulling the product off shelves after reports of the Vibrio outbreak.
https://www.cdc.gov/vibrio/index.html
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Re: Venezuela Meltdown

Post by Witness » Mon Jul 09, 2018 3:13 am

Venezuela's currency is worth so little that artisans are making purses out of it

Cucuta, Colombia — Venezuela’s currency has become so worthless that it makes more sense to turn colorful bolivar bills into a purse than to spend them on a purse — or anything else.

So that’s what Alvaro Rivera and other artisans in one small Colombian town along the Venezuelan border are doing — using the once mighty bolivar as raw material to make handbags, bird sculptures and other curios.

The largest handbag Rivera sells on the streets of Cúcuta is painstakingly woven from 1,000 individual bills totaling 100,000 bolivares. The value of that cash at money exchange houses in Cúcuta? Seventeen U.S. cents. The bag, on the other hand, sells for $13 dollars.

“The price of the work has nothing to do with how many bills I use,” Rivera explained. “What I’m selling is the art.”
[…]
Another mind-bending aspect of Venezuela’s crisis is that while bolivar bills are worthless, they’re also incredibly hard to find. According to Bloomberg, the government no longer has enough money to buy money. And so most merchants — from fruit vendors to taxi drivers — now rely on bank transfers for even the smallest payments.

Velasquez says that paper money has become so scarce that it’s selling at a premium. If you want 100,000 bolivares in your hand, for example, you have to transfer 250,000 bolivares to the seller’s account.
https://www.miamiherald.com/news/nation ... nk=SecList

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Re: Venezuela Meltdown

Post by Witness » Thu Jul 19, 2018 1:54 am

Not sure up to what point on can trust this site, but here you go:
China now taking 28% of Venezuela oil production to repay debt

Venezuela only paid the interest on $19 billion in loans from China for the past two years. Some sources say the outstanding debt is $23 billion and other reports $50 billion in loans.

Venezuela sent 700,000 barrels per day of crude and fuel to China through bilateral agreements, according to a Reuters review of PDVSA trade documents.

Only around 70,000 barrels per day were applied to debt service under the grace period arrangement. China paid for the remainder in cash. Oil was $50 per barrel in 2017. This means China bought about $11.5 billion in oil from Venezuela and Venezuela paid $1.28 billion in interest in 2017.

Without the grace period, the amount applied to debt service rises to 375,000 bpd. China will take 28% of Venezuela’s 1.34 million barrel per day oil production. Venezuela will not get cash but would have to send oil for about three years to pay off the debt.
https://www.nextbigfuture.com/2018/07/v ... -debt.html

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Re: Venezuela Meltdown

Post by shuize » Thu Jul 19, 2018 2:17 am

Witness wrote:Not sure up to what point on can trust this site, but here you go:
China now taking 28% of Venezuela oil production to repay debt

Venezuela only paid the interest on $19 billion in loans from China for the past two years. Some sources say the outstanding debt is $23 billion and other reports $50 billion in loans.

Venezuela sent 700,000 barrels per day of crude and fuel to China through bilateral agreements, according to a Reuters review of PDVSA trade documents.

Only around 70,000 barrels per day were applied to debt service under the grace period arrangement. China paid for the remainder in cash. Oil was $50 per barrel in 2017. This means China bought about $11.5 billion in oil from Venezuela and Venezuela paid $1.28 billion in interest in 2017.

Without the grace period, the amount applied to debt service rises to 375,000 bpd. China will take 28% of Venezuela’s 1.34 million barrel per day oil production. Venezuela will not get cash but would have to send oil for about three years to pay off the debt.
https://www.nextbigfuture.com/2018/07/v ... -debt.html
I suspect this will end in tears for one or both parties.

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Re: Venezuela Meltdown

Post by Witness » Thu Jul 19, 2018 2:25 am

shuize wrote:I suspect this will end in tears for one or both parties.
I didn't quote the end of the article:
However, China’s investment money could be enough to stabilize the newer joint venture oil fields at 1 million barrels per day. China would have to take control of the fields in order to ensure their production.
If we admit all the hypotheses, I'm confident China would be thrilled to get a bridgehead in SAm for some measly billions…

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Re: Venezuela Meltdown

Post by shuize » Thu Jul 19, 2018 2:31 am

Witness wrote:
shuize wrote:I suspect this will end in tears for one or both parties.
I didn't quote the end of the article:
However, China’s investment money could be enough to stabilize the newer joint venture oil fields at 1 million barrels per day. China would have to take control of the fields in order to ensure their production.
If we admit all the hypotheses, I'm confident China would be thrilled to get a bridgehead in SAm for some measly billions…
Ha. I think it may be time to update the old Dane-geld expression:

"Once you pay the China-oil, you never get rid of the Chinaman."

Now we just need to translate that into Spanish.