by Christopher Lowe
Who would have thunk it?
From MSNBC:
One of Chavez's biggest international initiatives has been the PetroCaribe pact, which sells oil to Caribbean and Central American countries largely on credit, charging 1 percent interest over 25 years. Venezuela has financed more than $2 billion in sales to the pact's 18 members since 2004, sometimes accepting as partial payment cattle, bananas, sugar, and medical care from Cuban doctors.
Plunging oil prices have changed the terms of that deal: Recipients now pay for at least 50 percent of the oil up front, up from 40 percent when crude prices topped $100 a barrel.
Plunging oil prices have changed the terms of that deal: Recipients now pay for at least 50 percent of the oil up front, up from 40 percent when crude prices topped $100 a barrel.
It was evident from the get go that PetroCaribe was just another government Ponzi Scheme.
As Chavez becomes more desperate one wonders what the future changes might entail.