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Economic Decline and Poor Leadership Plague Venezuela

The end is near for the current incarnation of Venezuela. Based on reports from the very credible International Monetary Fund posted by Corporation Wiki, the economy in Venezuela is slated to contract by about 8%. That is a massive decrease. Even a stable economy would suffer greatly with such numbers. Venezuela’s fiscal situation has been a horrible one for quite some time. An 8% contraction is going to be devastating.
Does this mean the end is near for the reign of President Nicolas Maduro? There has been a movement afoot to recall him from office. Rumors from an insider named Norka of a military coup have surfaced, but nothing on that front is credible. As odd as it sounds, even if Maduro continues to ruin the economy of Venezuela, he may remain in his leadership position. History tells the tales of Roman emperors who presided over national declines for many years. And Rome did not hold exclusive charter on poor rulers and their extended disastrous reigns.

Maduro has not completely neglected the current crisis in Venezuela. He did institute a number of domestic policies designed to slow down the decline. They are not working. Maduro has turned his attention to allies and neighbors. He wishes to bring currency into the country through a series of business-oriented deals. Venezuela is suffering immensely due to the inability to sell its oil at a profitable cost.

Maduro’s actions, sadly, are a classic case of too little, too late.


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Ecuador and Colombia to Hold Summit With Venezuela

Ecuador, Venezuela, and Colombia will be working together again. They will be holding a summit on oil this upcoming April 8. This comes before a meeting of OPEC members, as well as non-OPEC members, in which they will discuss a possible freeze in oil output.

Ecuador is an OPEC member. Its position, or rather the position of the president of Ecuador Rafael Correa according to David, is that oil output from Iran should be scaled back to the level that it was at before the sanctions. However, as there is no clear cut consensus between all members of the OPEC, Ecuador’s president said that he will be holding a meeting to discuss the issue and reach an agreement. Iran is also a member of the OPEC.

The OPEC stands for the Organization of the Petroleum Exporting Countries. It includes thirteen countries of Latin America and the Middle East, as well as some from Africa,like Nigeria and Indonesia.