Posts tagged debt

Venezuela is (debt) free

Venezuela has now paid off the last cent of its debt to the IMF and World Bank, according to this article in Monthly Review Zine. Of course, Chavez got lucky with oil prices going through the roof in the last few years. But it’s certain that previous regimes would not have used the windfall to pay off the nation’s debt – the profits would have distributed among the ruling elite. That’s what is often missed in Venezuela analysis. Chavez’s predecessors used Venezuela’s oil wealth entirely for their own benefit. That’s… Read More