The Venezuelan Migration Crisis: Part IConfluence Investment Management
Venezuela has gone from “bad to worse” in recent years. In 1999, Hugo Chavez was elected president and took the country on a journey into Cuba-style socialism. Persistent government intrusion into the economy reduced private sector involvement. Although the oil sector was able to generate enough revenue to allow
Chavez to fund his socialist programs (and provide oil to allies at reduced prices), the lack of investment and falling oil prices put the economy in dire straits. After Chavez died in 2013, Nicolas Maduro has been the
nation’s chief executive. He has presided over an accelerating political and . . .
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