Word: venezuela
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Dates: during 2000-2009
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...global economic crisis, however, has changed the political and economic landscape. Although inflation continues to be rampant, growth is now uncertain, given the sluggish demand in developed countries. With oil prices hitting unforeseen lows, he can afford neither the vast federal projects in Venezuela nor his bullish foreign policy favoritism...
...Chávez is a very Latin American problem. Like his hero Simón Bolívar, he thinks he is indispensable to Venezuela, an oil-rich country that has terrible internal problems, most notably a lack of durable democratic institutions and entrenched economic inequality. In fact, he was originally an army paratrooper who became famous in 1992 when he attempted to overthrow the constitutional government in a failed coup d’etat. Old habits die hard...
...following years, Chávez has worked within the system and eventually accessed power democratically in 1998, mainly supported by the urban lower classes. During his decade in power, he has made Venezuela a stronghold of anti-Americanism and political radicalism. A visionary critic of the Washington Consensus, he initially pledged to end Venezuelan inequality. After nationalizing oil contracts in the country and forcing out foreign investors, he has used the money for lavish projects in Venezuela that have bought him unprecedented support...
...This year alone, the opposition in Venezuela estimates that there will be a $30 billion gap between planned state spending and income. As the referendum looms, he has refused to cut down on spending; instead, he has shamelessly plunged into Venezuela’s foreign currency reserves. According to some reports, he has already spent close to a third of the central bank’s assets. These unsustainable spending patterns would effectively doom the country’s future in the event of a crisis in confidence like the one that would follow a Chávez victory next...
...immediate threat, though, is economic. Venezuela relies on oil and gas for 93% of its export revenues. López says Chávez is rushing the term-limits question to the polls again before the drop in oil prices hammers the economy and shrinks his checkbook. Inflation is more than 30%, and the country faces shortages of staples such as milk. Chávez insists his government has stored away reserves to cushion the looming pain and recently pledged that "even if the price of oil drops to zero," the social largesse will keep flowing...