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Venezuela Mulls Subsidies Cuts
Keywords:
Venezuela's economy declined by 2.8% in 2014, according to the government. In 2015 the GDP decline is forecast at 7% by the IMF. Venezuela is finally confronting the serious problems it faces by giving gasoline at the pump at pennies a gallon. The huge subsidy leading to waste and smuggling in the border regions with Columbia was wasteful at crude oil prices of $100 a gallon, and is now a burden on the economy at crude oil prices of $50 a gallon in Jan. 2015. In his annual address at the National Assembly president Maduro confronted this by saying- "It's a distortion, you have to admit it, you can crucify me if you want but there's a need for us to go to a balanced price." On devaluation of the currency, the Bolivar, he said a state run operation that sells U.S. dollars at the rate of 50 Bolivares per dollar would now be run by private brokers. As this is the lowest of a three tier exchange rate run by the government for all foreign exchange transactions it effectively would be a devaluation of the currency. It would help the government meet its budget deficit by bringing in more local currency, which private economists estimate at 14% of GDP. At the same time it would worsen already high inflation of about 64%.
Argentina and Venezuela in the emerging markets crisis of 2014- depreciating currency and high inflation
05/07/2012
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Inflation Fuels Crises in Two Latin Nations
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Dispute Leads Argentina to Revise Index
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Argentines Fret Over Price Uncertainty
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Argentina Peso Firms After Government Limits Banks' Foreign Currency Holdings
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Argentina's Campaign Against Inflation Gets Personal
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Amar Bhidé: In Praise of the Beleaguered Euro
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Chavez successor Nicolas Maduro in Venezuela
10/01/2012
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Venezuelans Elect Maduro to Succeed Chávez
New York Times 04/14/2013
Venezuelan Opposition Dispute Maduro Victory
New York Times 04/15/2013
Cost to Insure Country's Debt Surges
Wall Street Journal 04/16/2013
Pragmatist Succeeds Marxist in Venezuela
Wall Street Journal 04/23/2013
Showdown Looms in Venezuela Over Decree Powers Plan
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Ford Expects Major Venezuelan Devaluation in 2014
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Venezuela's currency, the Bolivar, and devaluation
12/31/2010
Grouped Articles
Almost-Free Gas Comes at a High Cost
Wall Street Journal 04/12/2013
Ford Expects Major Venezuelan Devaluation in 2014
Wall Street Journal 12/18/2013
Venezuela Shuffles Economic Team
Wall Street Journal 01/17/2014
Venezuela May Meet New Reality, and New Price, at the Pump
New York Times 01/20/2014
Venezuela Pays Price for Smuggling
Wall Street Journal 06/09/2014
Venezuela's Currency Hits New Low
Wall Street Journal 09/29/2014
Venezuela's extraordinary fuel subsidy with gasoline almost free and the Venezuelan economy
04/12/2013
Grouped Articles
Almost-Free Gas Comes at a High Cost
Wall Street Journal 04/12/2013
Pragmatist Succeeds Marxist in Venezuela
Wall Street Journal 04/23/2013
For Venezuela, the magic land of cheap gas, a big hike - The Washington Post
Washington Post 01/20/2014
Venezuela May Meet New Reality, and New Price, at the Pump
New York Times 01/20/2014
Venezuela Pays Price for Smuggling
Wall Street Journal 06/09/2014
Venezuela's Auto Industry in a Free Fall
Wall Street Journal 07/22/2014
Venezuela's costly oil subsidies
04/12/2013
Grouped Articles
Venezuela Mulls Subsidies Cuts
Wall Street Journal 01/23/2015
Almost-Free Gas Comes at a High Cost
Wall Street Journal 04/12/2013
The failure of social spending supported by oil to improve economic conditions and the standard of living- the case of Venezuela and Iran
06/09/2014
A critical factor in this situation is the failure to integrate into the world economy. Under these conditions for Iran sanctions for a nuclear program and support for Syria's regime creates a sort of "pariah" status, and for Venezuela the rhetoric and state control have led to a similar situation. Because technological inputs and foreign capital and knowhow are critical for development, policies of this kind can do long term damage to the economy and reduce standards of living. Both countries have failed to invest in basic refining capacity. At the other side is Nigeria which has also failed to invest in refining capacity. In Nigeria rampant corruption eats away at the core. All three countries are oil producing countries with crumbling infrastructure and failure of the state to provide the right direction to stimulate growth.
Grouped Articles
Venezuela Pays Price for Smuggling
Wall Street Journal 06/09/2014
Oil, Auto Companies Make Plans to Invest in Iran if Sanctions Ease
Wall Street Journal 07/02/2014
Venezuela's Auto Industry in a Free Fall
Wall Street Journal 07/22/2014
Fall in Oil Prices Poses a Problem for Russia, Iraq and Others
New York Times 10/15/2014
Iran poised to choose poverty over nuclear disarmament - The Washington Post
Washington Post 11/01/2014
Fall in Oil Prices Threatens Africa’s Economic Growth
Wall Street Journal 12/12/2014
How smuggling of subsidized oil and other products affects the border regions with Colombia and the economy of Venezuela
04/12/2013
The high cost of subsidized oil and other products smuggled to Colombia for the Venezuelan economy. The sharply devaluing Venezuelan bolivar currency makes things worse.
Grouped Articles
Venezuela Pays Price for Smuggling
Wall Street Journal 06/09/2014
Venezuela's Auto Industry in a Free Fall
Wall Street Journal 07/22/2014
Venezuela Mulls Subsidies Cuts
Wall Street Journal 01/23/2015
Almost-Free Gas Comes at a High Cost
Wall Street Journal 04/12/2013
Venezuela's cutbacks in shipments of subsidized oil to Caribbean nations in Dec. 2014
04/12/2013
Grouped Articles
An Ailing Venezuela Trims Oil Diplomacy
Wall Street Journal 12/06/2014
Venezuela Mulls Subsidies Cuts
Wall Street Journal 01/23/2015
Almost-Free Gas Comes at a High Cost
Wall Street Journal 04/12/2013
Venezuela's economy 2013-2017- downward spiral with hyperinflation and lack of essential goods
02/08/2013
Grouped Articles
Almost-Free Gas Comes at a High Cost
Wall Street Journal 04/12/2013
Cost to Insure Country's Debt Surges
Wall Street Journal 04/16/2013
Pragmatist Succeeds Marxist in Venezuela
Wall Street Journal 04/23/2013
Ford Expects Major Venezuelan Devaluation in 2014
Wall Street Journal 12/18/2013
Venezuela Shuffles Economic Team
Wall Street Journal 01/17/2014
For Venezuela, the magic land of cheap gas, a big hike - The Washington Post
Washington Post 01/20/2014
Venezuela confronts the extravagant cost of almost free gasoline at the pump in 2015- (1) a history of public resistance and the Chavez government
04/12/2013
Linked Articles
Venezuela Mulls Subsidies Cuts
Wall Street Journal 01/23/2015
Almost-Free Gas Comes at a High Cost
Wall Street Journal 04/12/2013
Venezuela confronts the extravagant cost of almost free gasoline at the pump in 2015- (3) the Petro-Caribe program providing highly subsidized oil in Latin America
12/06/2014
Linked Articles
Venezuela Mulls Subsidies Cuts
Wall Street Journal 01/23/2015
An Ailing Venezuela Trims Oil Diplomacy
Wall Street Journal 12/06/2014
Venezuela confronts the extravagant cost of almost free gasoline at the pump in 2015- (2) internal debate in the Maduro government
04/23/2013
Linked Articles
Venezuela Mulls Subsidies Cuts
Wall Street Journal 01/23/2015
Pragmatist Succeeds Marxist in Venezuela
Wall Street Journal 04/23/2013
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