Skip to content
openDemocracy
Subscribe

Venezuela in the abyss

Why is such a wealthy country experiencing such a catastrophic financial crisis? And why, in the light of this crisis, have certain measures been introduced that lead nowhere? Interview. Español

By José Zepeda and Rodrigo Cabezas
Published:
Share
800px-Venezuelans_on_Cúcuta_streets.jpg
800px-Venezuelans_on_Cúcuta_streets.jpg

Venezuelan refugees sleeping on the streets of Cúcuta, Colombia. Wikimedia Commons.

Rodrigo Cabezas, ex-finance minister of Hugo Chávez, a man of the left who believes in a socialist nation, nowadays distanced from Maduro, analyses the economic announcements that the Venezuelan government has just made and explains why they are destined to fail. 

José Zepeda: In 2018, inflation in Venezuela will reach one million percent. Petrol production and exportation are collapsing. The contraction of the GDP is around 15%. Unemployment will reach 33.3% this year and it is estimated that the following year it will reach 37.4%. How have we got to this stage?

This article is published under a Creative Commons Attribution-NonCommercial 4.0 International licence. If you have any queries about republishing please contact us. Please check individual images for licensing details.

Creative Commons Attribution-NonCommercial 4.0