Want to make Rafael Ramirez really uncomfortable? Start talking about the need for a Transitional Government, no matter what the context. The United Nations Security Council expressed support for Syria mediation efforts on Monday, but in a rare move Venezuela dissociated itself from references in the statement to any mentions of political transition and or transitional…
Yesterday we learned – via the increasingly indispensable Marianna Párraga – that PDVSA is selling the refinery it owns in the US Virgin Islands. This comes on the heels of the almost certain sale of Citgo, as well as other assets overseas. Whether the reason for these privatizations is a lack of cash, a way of escaping from the claws…
Every year, AméricaEconomía releases a ranking of the 500 largest companies from Latin America. This year, 5 of the 10 biggest companies in the region are part of the oil/natural gas industry. The semi-public Brazilian multinational energy company, PETROBRAS, came at number 1. And the Mexican state-owned petroleum company, PEMEX, came at number 2. Venezuela’s…
Dear Wall Street investment banker, I apologize for interrupting your busy schedule, but in the off chance you are going to listen to Venezuelan economic czar Rafael Ramírez in the coming days, allow us to suggest a few questions for him. As you may know, the Venezuelan government is desperate for cash. To quench that thirst,…
Almost two months ago,while visiting Maracaibo, PDVSA President/Oil Minister/Economic Vice-President Rafael Ramírez tried to justify the drastic reduction of international commercial flights to Venezuela in recent months: “Aquí nadie se va de este país, las aerolíneas esas que andan yéndose están desviando aviones para el Mundial de fútbol. Pero no es que se estén yendo…
On July 3rd, our Twitter TLs were filled with the rumor that Rafael Ramírez would leave PDVSA to occupy the Executive Vice-Presidency of Venezuela. On July 8th, President Maduro said that Ramírez would stay in the cabinet “because he is the leader of the economic cabinet, the economic team, and the goal is to destroy…
The dust still hasn’t settled in the debate over where the government is headed, vis-a-vis economic policy. Some people think that #LaSalidaDeGiordani means more pragmatic days are coming. Rafael Ramírez himself has been teasing us about this nonstop, basically mouthing off against the very policies he helped implement and finance. And yet, on the actual…
Setty just posted a first-glance analysis of PDVSA’s audited financial statements for 2013. How about all you accountants, economists, and number geeks out there wiki the thing? Let’s see just how “pragmatic” Mr. Ramirez really is. If you have time, go through the thing and highlight the relevant aspects. Here’s hoping it makes for an interesting…
Whomever you choose to support in the current debate raging among Venezuelan economists (suggesting, by the way, that we economists need to tone it down and get out more), there is one thing we can all agree on: Rafael Ramírez is firmly in control of economic policy. This doesn’t mean he’s in control of the…
Caracas Chronicles 