Eulogio, Venezuela’s mighty oil Czar

On Tuesday evening, President Nicolás Maduro announced what in revolutionary newspeak is referred to as a sacudón (shake-up), otherwise known to the rest of the globe as cabinet reshuffle. The most noteworthy replacement happened in the Ministry of the Popular Power for Petroleum and Mining. Eulogio Del Pino, who is, and will continue to be, the chief of state oil company PDVSA, will be taking…

Is Greece-zuela a possibility?

Greece has defaulted on one of its many liabilities to its creditors by missing a €1.5 billion  of its debt to the IMF. The Greek economy has already taken quite a toll, falling into depression. Greece’s economy has contracted by a quarter since the start of the crisis, and its unemployment rate is sitting over 25%. You may…

Hyperinflation or just high inflation?

Is Venezuela headed towards hyperinflation? A few days ago, Quico dismissed allegations of runaway hyperinflation in the country. He used a report put out by Francisco Rodriguez and his team at BofA using over five thousand regressions to estimate the annualised inflation rate of Venezuela based on the few economic indicators we have. His conclusion was that we’re not…

Will the dollar stop rising any time soon?

On Thursday afternoon, Venezuelans found out how their foreign purchasing power evaporated – quite literally – by the minute, as the US dollar surpassed the 400 bolívares (BsF) mark. This was according to the “coup-plotters/saboteurs” from “Dolar today,” the most widely used web page for Venezuela’s black market exchange rate. Other web pages, such as Lechuga verde or Aguacate verde,…

Muzzling a country

Covering the quagmire that Venezuela has become in a fair way has always been the main purpose of Caracas Chronicles. As bloggers we try to unveil to the world what’s really happening on the political, economic and social fronts, providing our humble analysis of the status quo. Yet recently it has become extremely hard to justify our arguments given…

A tale of two oppositions

“It was the best of times, it was the worst of times, it was the age of wisdom it was the age of foolishness, it was the epoch of belief it was the epoch of incredulity…”. Those of you who have read “A tale of two cities” surely recall the memorable opening paragraph of Dickens’s masterpiece,…

Deconstructing Capriles

(Apologies for the source of the above video, it was the only version available on YouTube) The bloggers of Caracas Chronicles held a cyber-conversation on today’s announcement by Henrique Capriles, where he abandoned infighting within the opposition and called for unity together with increased street pressure on the government. Juan C: So … main takeaways? To…