Venezuela’s Economic Crisis: The Outcome of Decades of Mismanagement

first_imgBy Ricardo Guanipa D’erizans July 01, 2019 For Venezuelan economy expert Ricardo Hausmann, director of the Center for International Development at Harvard University, and former chair of the International Monetary Fund-World Bank Development Committee, Venezuela is a unique case, as it exceeds the worst economic depressions in the world, in addition to the massive migration of more than 4 million citizens.“The chaos in Venezuela is an event of historical magnitude, which has only happened in countries like Azerbaijan, Liberia, Libya,” Hausmann told Diálogo. “But within a context of civil wars or state decline.”Venezuela is experiencing a large-scale economic crisis. In late May, the Venezuelan Central Bank published figures for the first time since 2015, evidencing the country’s economic situation and confirming the collapse of the Venezuelan economy.According to these new statistics, inflation is out of control and exceeded 130,000 percent in 2018 — the highest mark in Venezuela’s recent history, but much less than the 929,000 percent the Central Bank estimated in 2018. Data showed a 52 percent contraction of the Gross Domestic Product between 2013 and 2018, which represents a decline of the Venezuelan economy by more than half in five years.These numbers confirm that the Venezuelan economy has been spiraling downward for years. Other data show severe drop in oil exports from the country that depends on oil and has the largest oil reserves in the world, from $85 million in 2013 to $30 million in 2018 — when Nicolás Maduro took office. This demonstrates a decline that far precedes the first U.S. sanctions imposed in August 2017.According to Hausmann, Venezuela was already perceived as an economically broke and bankrupt country. “The latest emission of Venezuelan debt bonds was launched by Maduro in May 2017, three months before the sanctions. Bonds were issued with an interest rate in dollars of 47 percent,” Hausmann said. “The only way to pay for those Venezuelan bonds was to starve the population. That’s why the United States prevented Maduro from continuing to have access to international financial markets so as to prevent him from continuing to indebt the country so irresponsibly.”The collapse of the Venezuelan economy, Hausmann insists, came in 2013, specifically between 2004 and 2013 when oil price increases. Rather than save, the country allowed the oil boom to create greater national debt. “Foreign public debt went from $25 billion to $160 billion,” Hausmann said. “This brutal increase in foreign debt made external markets refuse to loan to Venezuela in 2013, because it already had a huge debt. That’s how recession really started: Venezuela was already overly indebted.”“We are in this crisis not because of the U.S. government’s sanctions. We are in this complex humanitarian crisis because of the economic mismanagement of a Cuban communist model, as well as high levels of corruption,” Lawrence Castro, a representative of the Venezuelan National Assembly and MERCOSUR’s parliamentary member, told Diálogo.“At the National Assembly, the figures we work with represent dilapidated money, from this ill-fated revolution, of about $380 billion, which is pretty serious. Today, thanks to Interim President Juan Guaidó and the National Assembly, we were able to curb the theft occurring in several national companies from Nicolás Maduro, Iris Varela, Diosdado Cabello, Tareck El Aissami, Tarek William Saad, among others. The reality is that here corruption and the communist management of the [country’s] economy have been the reasons why we are going through such calamities.”last_img read more

The new Ciovo bridge has been opened!

first_imgNEW FERRY PORT IN TROGIR OPENEDAlso, last week a new ferry port was opened in Trogir, more precisely in Soline. It is an investment of 19 million kuna (ferry port with access road), which will significantly shorten the journey for the residents of the islands of Drvenik Veliki and Mali. Thus, in addition to the bridge, the people of Trogir and Drven also got the port they deserve.Related news:NEW FERRY PORT OPENED IN TROGIR, AND IN JULY THE LAND-CIOVO BRIDGE OPENS After as much as 50 years since the first mention of the bridge that will relieve Trogir, came the fact that today the mainland bridge – Ciovo – was officially opened.The mainland-island of Ćiovo bridge will increase traffic and mobility safety, shorten travel times, support regional development and enable better connections between the island and the mainland.The project of building a bridge between the mainland and the island of Ciovo, 547 meters long and worth more than 207 million kuna, is among the European funding projects, with 176,7 million kuna or 85 percent financed from EU funds.last_img read more

Bishops Get Earful at Vatican Sex Abuse Summit

first_img Tweet 28 Views   no discussions Share Share FaithLifestyle Bishops Get Earful at Vatican Sex Abuse Summit by: – February 14, 2012center_img Share Sharing is caring! Priests pray during a Feb. 7 penitential vigil at St. Ignatius Church in Rome to show contrition for clerical sexual abuse. (CNS/Paul Haring)Though a four-day summit in Rome on the sexual abuse crisis was, in a sense, directed at everyone, its primary audience was composed of approximately 100 bishops and superiors of religious orders from around the world, who face a Vatican-imposed May deadline to submit their anti-abuse policies.As it turns out, those church potentates got an earful.First, they were told, if you come from a place where you think sexual abuse of children isn’t a problem, think again. Experts said child abuse occurs at roughly the same high levels in every region of the world, so that if the clerical abuse crisis has not yet exploded someplace, it’s only a matter of time.Second, the bishops were warned, if you drop the ball on handling abuse charges, be ready to face the music. There seems to be a new determination in the Vatican and across the Catholic world to use the tools of church law to hold bishops accountable.Those were among the highlights of a Feb. 6-9 symposium titled “Toward Healing and Renewal,” held at Rome’s Jesuit-run Gregorian University, and cosponsored by a variety of Vatican departments.The warning about the global dimension of the crisis came from American Msgr. Stephen Rossetti, former director of the St. Luke Institute, a facility in Silver Spring, Md., that treats abuser priests.“Church leaders around the world began by saying, ‘This is only an American problem,’ ” Rossetti said. “Then, as more cases surfaced in other countries, they said, ‘This is an English-speaking problem.’ Then, as the circle of abuse cases widened, they expanded it to: ‘This is a Western problem.’“Each time, church leaders said, in effect, ‘It doesn’t happen here.’ ”Rossetti said data show this is a global problem, with no reason to think that the Catholic church in any particular part of the world would be immune.“If there are people in the church today who are thinking that this is not a problem in their country, I urge them to speak to those who work with children,” Rossetti said. “Contact those who generously run programs for abused children or staff child abuse hotlines. Find out what is being said behind closed doors.” Cath Newslast_img read more

BCB/RHTY&SC, hosts massive Covid-19 Food-Hamper drive

first_img–number of players, corporate sponsors on board THE Berbice Cricket Board (BCB) president, Hilbert Foster, joined hands with the ten cricket teams of the Rose Hall Town Youth and Sports Club, to assist hundreds of families with food hampers as part of its Covid-19 community outreach project.The BCB President, in his swearing-in speech in 2018, had pledged that under his leadership, the board would not only become the best in cricket administration, but would reach out to touch the less fortunate, elderly and youths.Foster recalled, on Tuesday last, he visited the club’s office after an absence of three weeks and observed that the club’s telephone service had over one hundred missed phone calls. He soon realized that all of the callers were seeking assistance in the form of food hampers as most families were unable to provide meals for themselves.After consulting with some senior members of both the BCB and Rose Hall Club, the COVID-19 programme was launched with the objective of sharing out at least 500 food hampers at the value of about GYD$3000 each.West Indies Middle order batsman, Shimron Hetmyer, was the first contributor to the project while other donors include Mr. Bish Panday of P and P Insurance; Shabeer Baksh of Big ‘B’ Restaurant; former BCB Secretary, Mortimer George; USA-based CEO of Cricket Zone, Ravi Etwaroo; cricketers Shemaine Campbelle, Sheneta Grimmond, Shabika Gajnabi, Clinton Pestano, Tremayne Smartt, Adrian Singh, Gregory Crandon, Junior Blair, Royston Crandon, Mahendra Gopilall were among those who helped with the project.Corporate sponsors included the National Milling Company—Namilco, the official sponsor of the RHTYSC first division team; Poonai Pharmacy, Caribbean International Distributor Inc, Bakewell and RL Construction. Other donors included the Edinburgh Cricket Club, Rana Persaud, Dr. Puran Singh, Victor Takurdeen, Terry Pike, Ryan Tillak, Linden Jones (Ojay) of Juggernauth Entertainment, Royston Crandon, Timothy Sandia, Regional Vice Chairman Dennis Deroop, Dennis D Andrade, Sunil Marimoothoo, Joy Papannah (Tate), former BCB President Anil Beharry.The Management of Bounty Farm Ltd donated a large quantity of chicken parts and has committed to doing so for the next two months. Foster expressed total satisfaction at the success of the ongoing project and noted that it would continue as long as donations come in.Among the clubs that receive food hampers for their members are Kildonan, Whim, Port Mourant, Albion, Chesney, West Berbice, Blairmont, Mt. Sinai, Rose Hall Canje, Young Warriors and Guymine.RHTY&SC also donated hundreds of face masks to residents as part of the Covid-19 response.BCB Secretary, Angela Haniff, expressed gratitude to the donors for coming on board with Guyana’s leading cricket board and RHTY&SC cricket teams. She urged other donors to join the hampers project.last_img read more

Carl Leaver steps down from Ladbrokes Coral board

first_imgShare FSB selects Glenn Elliott as new COO August 12, 2020 GVC absorbs retail shocks as business recalibrates for critical H2 trading August 13, 2020 Share StumbleUpon Submit Related Articles SportCaller teams up with Coral for Racing Super Series launch August 12, 2020 Following completion of his one year fixed term of appointment, Carl Leaver has stepped down as a Director of Ladbrokes Coral Group plc. In accordance with the Companies Act of 2006, Mr Leaver will receive his current salary, pension and benefits up until 31 October 2017 but will not receive any further fixed pay, notice pay or severance after this date.John Kelly, Chairman of Ladbrokes Coral commented: “Over a period of 6 years, Carl led a major turnaround of the Gala Coral Group, culminating in the deal to merge with Ladbrokes to create Ladbrokes Coral Group plc.“I would personally like to thank Carl for agreeing to join the newly merged company for a fixed one year term to drive the integration of the two businesses.  Working with the management team, his leadership has been critical to the delivery of synergies well over double the original target. He leaves a business well-positioned for the future and we wish him well.”Since the 2016 merger between Ladbrokes and Coral, financial results for the group have indicated the integration process is going smoothly between the two. In its last set of results, digital revenue led to a profitable H1 2017 period. Looking ahead, given that Ladbrokes and Coral combined have over 3500 UK retail outlets, there is a potential period of uncertainty for the group as the government makes its decision on any future changes to regulations of gaming terminals.last_img read more

John Terry: Eden Hazard is as good as Lionel Messi and Cristiano Ronaldo

first_imgChelsea captain John Terry hailed Eden Hazard as one of the world’s best players after the Belgian inspired the Blues to a 2-1 win over Stoke.Hazard tucked home a penalty to put Chelsea in front before Charlie Adam scored a memorable 65-yard equaliser for the visitors. But Loic Remy was on hand to turn home Hazard’s square pass to wrap up the three points and take Chelsea seven points clear at the top of the Premier League.And, in a game where Diego Costa lasted just 10 minutes having been introduced from the bench before being forced off with a hamstring injury, Hazard was the man to make the difference with Terry quick to praise him. “He was excellent,” Terry told Sky Sports 1.”He has been our best player by a long way this year and in those games when you are looking for a bit of extra, a bit of magic from someone he is the one who steps up and managed to create something.He is up there with the (Lionel) Messi’s and (Cristiano) Ronaldo’s and can still get better and better.”With just eight games remaining Chelsea are hot favourites to take the title but Terry is urging caution to those who believe their name is already on the trophy.”It was a tough game, we knew it was going to be difficult,” he added. “They made it difficult last year. First half they were very tight and they are a very well organised team, it was tough but we ground it out. “It is the old cliche but it is ticking a box then moving on. “We have a massive game away at QPR, a big London derby for us. We just need to keep putting three points on the board.”The goal from Charlie Adam was a great goal and it stunned us just before half-time.–last_img read more