Posted on 01/10/2013 8:06:36 PM PST by Rabin
The country faces an economic crisis. Having ramped up spending to win the election, the government ran a budget deficit of 8.5% of GDP last year, according to independent economists. Plugging such a huge gap will require big spending cuts and a hefty devaluation to boost the local-currency value of oil revenues... Chávez’s prostration has given Cuba unhealthy sway over events in the country. Cuba’s influence was already considerable: it provides Mr Chávez with intelligence and security advisers in return for Venezuelan oil
(Excerpt) Read more at economist.com ...
Rab
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