When the cost of oil began to decline

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asked Sep 29, 2022 in H&E by haoxiuyun (1,720 points)

Ten years ago, Venezuela, a petrostate beneathneath the OSRS gold presidency of Hugo Chavez, witnessed a bust in oil costs. In 2017, the fee of a barrel decreased to around $50, from an record of over one hundred. In addition, the U.S. instituted extensive-ranging sanctions against the Venezuelan government's authoritarian regime.

"When the cost of oil began to decline, there has not been any additional money to purchase goods," stated Alejandro Velasco who is Professor in New York University who focuses on Venezuelan politics, in an interview on telecellsmartphone. "As as a result the country hasn't had any additional money that could keep the financial system."

The coffers of Venezuela were empty following the expenditure of the most recent oil revenue on social programs like backed by meals, medical treatment, in addition to literacy initiatives. Chavez additionally culled perceived dissenters from the oil industry following an attempted military coup and slowed production.

The massive corruption in the authorities in addition broken the financial system, in line the findings of Paul Angelo, a fellow on the Council for Foreign Relations who specialises in Latin American politics.

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