Late last month, Venezuelan President Hugo Chavez took a beating at the ballot box, where his party lost gubernatorial races in five states and the mayorship of the capital city, Caracas. These states account for 45% of Venezuela’s population and 70% of its economic activity, making the opposition victory pivotal. Buoyed by historically high revenues at the state oil company, Chavez has spent the last few years exporting his “Socialism of the 21st Century” to Bolivia, Ecuador and Nicaragua, among others, but with oil prices now at a four-year low, his leadership is in a precarious position.
Source: AFF Doublethink Online | Hadley Heath
Source: AFF Doublethink Online | Joseph Hammond