Venezuela

June 2021 Forums General discussion Venezuela

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    alanjjohnstone
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    alanjjohnstone
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    An official US Congressional Research Service report issued April 28, Venezuela: Background and US Relations, suggests the Venezuelan government has valid arguments that the USA contributed to its decline.

    Government Report Documents US Responsibility for Venezuela’s Humanitarian Dilemma

    “It is difficult to attribute precisely the extent of Venezuela’s economic collapse that is due to US sanctions versus broad economic mismanagement. A February 2021 Government Accountability Office report asserted that “sanctions, particularly on the state oil company in 2019, likely contributed to the steeper decline of the Venezuelan economy.” The Maduro government has defaulted on all its bonds, and US sanctions prohibit debt restructuring with creditors.”

    The report admits: “The trigger for Venezuela’s economic crisis was the crash in world oil prices in 2014.”

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