[News] Venezuela’s Maduro to Present Evidence of US Economic Sabotage as Gold Tumbles

Anti-Imperialist News news at freedomarchives.org
Wed Aug 12 14:55:46 EDT 2015


  Venezuela’s Maduro to Present Evidence of US Economic Sabotage as Gold
  Tumbles

By Z.C. Dutka
*http://venezuelanalysis.com/news/11470*

Santa Elena, August 11th, 2015. (venezuelanalysis.com 
<http://venezuelanalysis.com/>)- Venezuelan President Nicolas Maduro 
pledged yesterday evening to share evidence in the coming days of the 
United States’ “Plan Vulture”, which he claims is currently 
destabilizing leftist Latin American governments through economic sabotage.

“I have proof of how the [US] Southern Command, personally, has placed 
functionaries in the US embassy in Venezuela to direct the Vulture 
Plan,” Maduro said during a council meeting of the ALBA trade bloc.

The Venezuelan leader called upon the thirteen Latin American and 
Caribbean countries represented in the ALBA bloc to “unite to defend 
themselves” against the plan, which “tries to destroy…progressive, 
revolutionary processes from the inside” by “creating criminal groups 
and attacking national currencies.”

The accusation echoed similar claims made by Argentine President 
Christina Fernandez last month.

Undoubtedly, Venezuela finds itself in a vulnerable financial moment. 
Despite a debt payment from Jamaica and a new loan from China injecting 
new funds into foreign reserves after they hit a twelve-year low low 
last month, the South American nation is struggling in the face of 
sliding oil prices.

Additionally, as the Latin American country with the largest gold 
reserves, Venezuela is under more pressure than most from the 5% drop in 
the metal’s value in the past month.

Descending steadily since January at an accumulated 15%, the latest 
tumble in gold prices has further increased the country’s yields on 
state and PDVSA bonds, as investors speculate on its ability to service 
its debts.

Compiled data reports show the South American nation is due to pay US 
$6.3 billion in bonds for the remainder of this year and over $10 
billion in 2016.

Despite accusing the United States of sabotage, President Maduro has 
showed no signs of rebelling against or refusing to pay these debts.

Still, with 97% of its income dependent on the price of crude, Venezuela 
is having to draw on its reserves by approximately $1 billion per month 
to counter the drop in the global market while conserving its ample 
social investments.

Although economists at home and abroad have emphasized the need for bold 
action to reverse this downward trend, the Bolivarian government has 
indicated it will wait until after the Dec 6 
<x-apple-data-detectors://7> National Assembly elections before taking 
measures.

In the next couple of days, Maduro said yesterday, a special congress 
including representatives from Washington will be held, upon which the 
Venezuelan leader will present evidence of the Vulture Plan.

-- 
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