Venezuela’s Maduro in Beijing to beg for cash to save economy – World Tribune: Window on the Real World

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President Nicholas Maduro arrived in Beijing this week with an urgent task. He is appealing to the Chinese government to deposit several more billion dollars into Venezuelan government’s bank account to save the economy.

Venezuelan President Nicolas Maduro with China's President Xi Jinping in Beijing on Jan. 7. / VOA / Reuters — Venezuelan President Nicolas Maduro with China’s President Xi Jinping in Beijing on Jan. 7. / VOA / Reuters

With the global price of oil in free fall, Venezuela, one of the world’s leading oil producing nations has been hit hard and its shattered economy faces total collapse.

On top of that, the Venezuelan economy has been run without sufficient market transparency and with too many socialist mechanisms.

Much like China’s other ally Zimbabwe in Africa, the dictatorial regime of former strongman Hugo Chavez as emulated by Maduro have nearly ruined the oil rich Caribbean and South American nation.

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Venezuela’s Maduro in Beijing to beg for cash to save economy added by World Tribune on January 11, 2015
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