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SnapshotsApr 1, 2020 | 17:46 GMT
In Venezuela, the U.S. Offers Sanctions Relief for a Power-Sharing Deal
The U.S. State Department has called on both sides of Venezuela’s ongoing political battle to stand down and make way for a new transitional government and democratic elections, marking a notable shift from Washington’s more hardline, pro-opposition rhetoric. But the United States' primary goal of undermining elite support for President Nicolas Maduro nonetheless remains in place. 
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Contributor PerspectivesJul 25, 2019 | 10:00 GMT
Numerous people wearing caps in the colors of the Venezuelan flag take part in a protest against the government of President Nicolas Maduro on Venezuela's day of independence.
Corruption Lies at the Heart of Venezuela's Chaos
It's a humanitarian, economic and institutional crisis that has grabbed the world's attention. According to the United Nations refugee agency, more than 4 million Venezuelans left their country between 2015 and June 2019, seeking refuge in Colombia, Peru and Brazil. In the economic field, the International Monetary Fund projects that Venezuela's hyperinflation will reach a whopping 10 million percent this year. And in terms of institutions, the country has had two presidents since January: Nicolas Maduro, who is supported by the Venezuelan security forces but lacks diplomatic recognition from most of the West, and Juan Guaido, who enjoys Western international support but lacks local military support. But lost amid Venezuela's dire crises is the underlying cause that is fueling the country's chaos: corruption. Deeply ingrained at all levels of Maduro's government, corruption is devouring Venezuela's wealth as it exacerbates the country's other problems and complicates the prospect that Venezuela will overcome
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AssessmentsJun 28, 2019 | 05:45 GMT
People relax on the bank of the Tagus River where Venezuelan PDVSA oil tanker Rio Arauca lies at anchor, having been impounded by Portuguese authorities for nearly two years due to unpaid debt, March 9. 
As Venezuela's Opposition Stumbles, the Country's Creditors Circle
Beyond Venezuela's day-to-day grind through economic and political chaos, legal chaos is looming. Over nearly 20 years of leftist rule, Venezuela has defaulted on nearly $175 billion in foreign debt and expropriated assets from dozens of foreign companies -- most of which took Venezuela's government to arbitration. With yearly oil export revenue sitting at less than $30 billion, Venezuela can't immediately meet most of its obligations to companies seeking debt and expropriation payments. And with the opposition faltering in its bid to unseat President Nicolas Maduro, credible attempts to lay the groundwork for a future economic recovery are receding. Given that, the economic task facing the opposition -- should it ever grab power -- will become larger than ever as the issue of unresolved payments clouds the prospects of sustainable growth.
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SnapshotsMay 15, 2019 | 20:54 GMT
Venezuela: A Rapid Decline in Oil Production Raises the Risk of More Chaos
Venezuelan crude oil production has fallen by two-thirds over the past 18 months, declining by about 1 million barrels per day. Because oil production is essentially Venezuela's only source of export and fiscal revenue, the resulting drop-off in oil income will create even more chaos in the country as its elites jockey for control of other sources of funds. A May 14 report from the Argus commodities media service now says crude oil production by Venezuela's state-owned energy company Petroleos de Venezuela (PDVSA) has dropped to a meager 500,000 barrels per day this month.
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SITUATION REPORTApr 12, 2019 | 21:56 GMT
Venezuela: Washington Discusses Heavier Sanctions
U.S. Treasury Secretary Steven Mnuchin has met with finance ministers of the Lima Group -- a multilateral body of 14 American countries that seeks a peaceful exit to the Venezuelan crisis -- and representatives of other nations including Spain, Italy, Portugal and the United Kingdom to discuss potentially imposing heavier sanctions on Venezuela, according to an April 11 announcement by the U.S. Treasury Department.
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