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<h1 class="title"><small><small>Venezuela’s Maduro to Present
Evidence of US Economic Sabotage as Gold Tumbles</small></small></h1>
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<p class="byline"> By <span class="author">Z.C. Dutka<br>
<b><small><small><a class="moz-txt-link-freetext" href="http://venezuelanalysis.com/news/11470">http://venezuelanalysis.com/news/11470</a></small></small></b><br>
</span> </p>
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<p>Santa Elena, August 11th, 2015. (<a
href="http://venezuelanalysis.com/">venezuelanalysis.com</a>)-
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. <br>
<br>
“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.<br>
<br>
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.”<br>
<br>
The accusation echoed similar claims made by Argentine President
Christina Fernandez last month. <br>
<br>
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. <br>
<br>
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.<br>
<br>
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. <br>
<br>
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.<br>
<br>
Despite accusing the United States of sabotage, President Maduro
has showed no signs of rebelling against or refusing to pay these
debts. <br>
<br>
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. <br>
<br>
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 <a
href="x-apple-data-detectors://7">Dec 6</a> National Assembly
elections before taking measures. <br>
<br>
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.</p>
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