Venezuelan oil bonanza

Despite the Bonanza of PdVSA shelling tremendous amounts of foreign exchange into the Venezuelan state budget, there are indicators that the increasingly state regulated economy is missing out on diversifying its industries and creating the environment for sustainable development. An analysis of the current economic and fiscal policy of Venezuela.

NEWS:

• Venezuela: Chávez closing his TV critic (RCTV). Venezuela nationalizes 18 foreign oil rigs.
• Castro and Chávez continue to bash US ethanol plan.
• Colombia says may review US ties without trade deal. Colombia orders lawmakers’ arrests. President Uribe backs ministers over ‘paragate’ scandal. Illegal police wiretapping operation forces top level resignations.
• Bolivia: Morales pushes energy nationalization. Morales seeks trial against members of the Constitutional Assembly.
• Mexico: Top anti-narcotics official slain in Mexico City.
• Peru optimistic about ratification of FTA with the US.
• Brazil: Lula vow to improve working conditions for cane cutters in biofuel industry. Lula will not seek third term as Brazilian President.
• Ecuador: Correa attacks press.

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