From left, President Xi (China) , Solis (Costa Rica), Correa (Ecuador) and Gladstone (Bahamas) at a meeting between China and Latin American and Caribbean countries held in Beijing, China, January 2015. AP Photo/Ng Han Guan.
“Venezuela will not drag on its debt” was the title of a recent editorial in the People’s Daily, the official mouthpiece of the Communist Party. The piece makes a bold claim and a display of realpolitik: “Any country, whatever the political ideology of its ruling party, prioritises economic development and the betterment of the livelihood of its people. Which country in the world would not want to ride on China’s express train to economic development?”
This official editorial was published in response to a wave of speculation about the solvency of the Venezuelan government, against the backdrop of a failing economy, that could precipitate the end of the Chavista government which, for over a decade, has been friendly towards Beijing.
