Venezuela Paves the Way for Economic Reforms

The demotion of a major economic official in Venezuela could clear the path for modest economic reforms. On June 9, Venezuelan President Nicolas Maduro removed Planning Minister Jorge Giordani from his positions on the Central Bank board of directors and the board of directors of state-run energy firm Petroleos de Venezuela. He will retain his position as planning minister, but his removal from the Central Bank and Petroleos de Venezuela boards could eliminate ideological dissent from within the Cabinet for limited economic reforms, which seem likely in the upcoming months. However, implementing broader changes that would turn around Venezuela's deteriorating situation will prove difficult for the Maduro administration.