Oil pumps are seen in Lake Maracaibo, in Lagunillas, Ciudad Ojeda, in the state of Zulia, Venezuela. © Isaac Urrutia / Reuters
Reuters: China says sanctions won't help as Trump targets Venezuela
BEIJING (Reuters) - Venezuela’s close ally China said on Monday that history shows external interference and unilateral sanctions only make things more complex and will not help resolve problems, after the United States imposed new sanctions on Venezuela.
U.S. President Donald Trump signed an executive order that prohibits dealings in new debt from the Venezuelan government or its state oil company on Friday in an effort to halt financing that the White House said fuels President Nicolas Maduro’s “dictatorship”.
Maduro, who has frequently blamed the United States for waging an “economic war” on Venezuela, said the United States was seeking to force Venezuela to default — but he said it would not succeed.
Read more ....
Update #1: China Slams White House For Latest Sanctions On "Close Ally" Venezuela (Zero Hedge)
Update #2: US sanctions against Venezuela won’t work, warns Beijing (RT)
WNU Editor: According to Reuters and other reports Venezuela owes China $62 billion .... yup .... $62 billion. Venezuela also owes money to Russia .... but a lesser amount. Venezuela is months away from defaulting on its international obligations, and I can see the panic now. A default puts everything at risk, and if it does it occur, the losses for both China and Russia will be the largest in both country's history. So am I surprised that China and Russia are reacting the way that they are with these sanctions .... nope .... but this is a train wreck that they decided to join years ago, and right now those "chickens are coming home to roost".
For want of a Nail the Shoe was lost; for want of a Shoe the Horse was lost; and for want of a Horse the Rider was lost; being overtaken and slain by the Enemy, all for want of Care about a Horse-shoe Nail. ~Benjamin Franklin, Poor Richard's Almanack, June 1758
ReplyDelete"Toilet-paper theft may sound like a farce, but it’s a serious matter for the entrepreneur: Failing to stock the restrooms puts him in violation of his agreement with the union, and that puts his factory at risk of a prolonged strike, which in turn could lead to its being seized by the socialist government under the increasingly unpopular President Nicolas Maduro"
http://carnegieendowment.org/2016/05/12/venezuela-is-falling-apart-pub-63566
Damn! I was looking for articles on Venezuela's mal-investment (read neglect; meaning purposeful non-upkeep of their dam generators)
What I found was far worse and from Carnegie to boot.