UCF Global Perspectives

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Tag Archives: Venezuela

Venezuelan President Wins a Second Term

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Venezuelan President Nicolás Maduro won reelection on Sunday. Maduro won by a wide margin, receiving 68% of votes cast, to second-place finisher Henri Falcon’s 21%. Maduro will serve another six-year term, continuing through 2025 (LAT). Opposition leaders called for a boycott of the election to express their dissatisfaction with the government; the voter turnout was […]

Venezuelan Government Announces Petroleum-Backed Cryptocurrency

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On Tuesday, the government of Venezuela launched a presale of the petro, a cryptocurrency backed by the country’s petroleum assets. The government set the opening price of each petro at $60, making the petro the first cryptocurrency to be publicly issued and controlled (El País). The government has set aside five million barrels of petroleum […]

Venezuelan Government Wins Easier Debt Terms with Russia, China

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The Russian and Venezuelan governments signed an agreement on Wednesday confirming a ten-year payment plan for Venezuela’s 3.15 billion dollar debt to Russia (WP). Venezuelan payments to the Russian government will remain nominal during the first six years, allowing for economic stabilization and development, reported the Russian Finance Ministry. A day later, Geng Shuang, the […]

Mercosur Summit Addresses Venezuela Crisis

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Members of South America’s trading bloc Mercosur called for an end to violence in Venezuela and a restoration of institutional order in the region (Rio Times, LAHT). Venezuela was suspended from Mercosur last December over human rights concerns (Reuters). In a written statement, official Mercosur members, including Argentina, Brazil, Paraguay and Uruguay, offered to facilitate […]

Venezuelan Government Seizes General Motors Auto Plant

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The Venezuelan government seized a General Motors factory and other company assets on Wednesday, causing significant damage to the company and its workers (AP). According to a company statement, General Motors will take “all legal actions” to defend its rights against the “illegal judicial seizure of its assets” (Reuters). The seizure came amongst violent protests […]

Referendum to Remove Venezuelan President Delayed

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Seven hundred percent inflation and three straight years of economic hardship have many Venezuelans opposing the current government (Al Jazeera 1). Demands for President Maduro’s resignation sparked massive protests throughout Venezuela. Almost a million protesters flooded the streets of Caracas earlier this month (Al Jazeera 2). On Wednesday, members of the Venezuelan legislature ruled that […]