Venezuela's Expensive Friendships

Jan 2, 2016 | 14:03 GMT
Venezuela's President Nicolas Maduro (C) addresses supporters in Caracas on Dec. 15.

When Venezuela's government forged an energy discount deal with Cuba 15 years ago, its government was eager to solidify ties with a leftist ally. In the ensuing decade it also inked oil-for-loans deals with China that helped avert default. But energy prices have fallen, Caracas is running out of funds, and everyone knows that Chinese financing is not a long-term solution. At some point Venezuela is in for a financial reckoning. The question is, just how much of its post-Chavez foreign policy will survive the debt restructuring process?...

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