Follow the Oil: The Way the US and Allies Can Ensure Maduro's Departure
Despite President Nicolas Maduro's commitment to honor all debt obligations, Venezuela is in serious arrears. As of two months ago, Venezuela's external debt stood at USD $156 billion. It's foreign reserves stand at USD $8.5 billion; just one twentieth of its debt obligations. Maduro and his cronies are measuring their survival in weeks. At state-owned PDVSA, affairs are in a constant state of chaos. Incompetence is the order of the day. This began long before interim President Juan Guaido issued a direct challenge to Maduro's legitimacy, and the United States sanctioned Venezuela's oil industry. Over the course of two decades of Chavismo, the PDVSA began a long and steady process of disintegration that began with the firing of competent employees...who were soon replaced with incompetent, but loyal, Chavistas.
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