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This is just wrong. The main problem of Venezuela was the central bank policy and fixed exchange rate while printing money, and clientelism at all levels leadin
by mijamo 8y ago
This is just wrong. The main problem of Venezuela was the central bank policy and fixed exchange rate while printing money, and clientelism at all levels leading to sub efficient systems and unfair competition.
Of course investor left when their dolars lost 60% of their real value when converted in bolivares.
- SEJeff 8y agoSo Oil firms didn't leave after their refineries were nationalized? They didn't break down because non-Exonn / Chevron employees left and the existing people didn't know how to fix them? Hmmmm: https://en.wikipedia.org/wiki/History_of_the_Venezuelan_oil_industry https://en.wikipedia.org/wiki/History_of_the_Venezuelan_oil_... Granted, the monetary policy certainly helped, but when you spend billions investing in a country to only have that money literally stolen from you, so much so that a court ordered PDVSA to pay Conoco $2 billion, all investment is going to leave the country.