It must be interesting to make collection calls to the presidential palace in Caracas:
Venezuela’s state oil company is behind on billions in payments to private oil contractors from Oklahoma to Belarus, some of which have now stopped work, even as President Hugo Chavez funnels more oil revenue to social programs.
Petroleos de Venezuela SA, or PDVSA, says unpaid invoices jumped 39 percent in the first nine months of last year — reaching $7.86 billion in September. And that was when world oil was selling for $100 a barrel.
With prices plummeting by more than half, PDVSA is trying to renegotiate some contracts. But analysts say hardball tactics to reduce charges from crucial service providers could backfire by lowering Venezuela’s oil output. And foreign debt markets are reflecting jitters about Venezuela’s finances.
Pity the poor people of Venezuela who must suffer the consequences of Hugo Chavez’s incompetence.
Steve Maley
Moe Lane
Dan McLaughlin
Neil Stevens
Not only incompetence
salgfla Saturday, February 7th at 5:16PM EST (link)Also generous doses of greed, corruption, extravagance and total disregard for the Venezuelan constitution.
He's hoping they'll fold rather than risk seizure of their property
civil truth (Diary) Saturday, February 7th at 5:31PM EST (link)And if it comes to seizure, he’ll just put Russian and Iranian experts to work.
The greatest evil…is conceived and ordered (moved, seconded, carried, and minuted) in clean, carpeted, warmed, and well-lighted offices, by quiet men with white collars and cut fingernails and smooth-shaven cheeks who do not need to raise their voice. Hence, naturally enough, my symbol for Hell is something like the bureaucracy of a police state or the offices of a thoroughly nasty business concern. -C.S. Lewis
http://www.gmsplace.com/
Chavez responded: "Wait til my Friend Barry turn your country into another Central American economy like my Venezuela."
Rod_Patrick (Diary) Saturday, February 7th at 5:40PM EST (link)Then Americans and Venezuelans can truly become allies.
Castro’s watching with a smirk on his face.
Pity the poor people of America who must suffer the consequences of Obama’s incompetence.
izoneguy (Diary) Saturday, February 7th at 5:57PM EST (link)At least Venezuela drills for oil.
The point cannot be made often enough: Modern liberalism, as embodied in the Obama presidency, is the defender of the status quo. And the status quo is a road to economic ruin. Political forces cannot redistribute the wealth that the economic system does not produce.