Caracas: Leading international economist Kenneth Rogoff, warned that the Venezuelan failure will be the biggest and the most appalling in the world, other than the countries involved in wars and internal conflicts. The Venezuelan economy suffered major jolts when the crude oil rates had collapsed, at the international level. The attempt by President Maduro, to run a monopolistic government is facing bitter opposition. Many countries, including the United States, has declared support to the opposition, imposing sanctions on the Venezuelan government. More than 3 million Venezuelans have migrated to other countries for a better living. Against this background, the warning issued by Rogoff, an economist working with the International Monetary Fund, becomes significant.
Since the last few days, the situation in Venezuela has deteriorated further. The Maduro government is trying to hold on to power, only on the strength of the military and the armed groups. On the other hand, the opposition to Maduro is increasing. The agitation started by leader of the opposition alliance, Juan Guaido, is receiving massive support from the Venezuelan population. Some of the important political and military officials have already left Maduro’s side. Maduro, who has lost public support, is trying to run the government, with help from countries like Russia, China and Cuba. It has been revealed that oil depots, government lands and empty islands have been handed over to these countries, in return of the cooperation. A shocking revelation was made that Maduro sold a whopping 15 tonnes of Gold, under the pretext of economic recovery. Maduro earned nearly $570 million through this sale. As per sources, now the Venezuelan central bank is left with only 7 to 8 billion dollars’ worth of Gold, in reserves.
Although the Gold is being sold under the pretext of economic recovery, the Venezuelan population has not benefited from it, in anyway. The severity of the water, electricity, food grain, fuel and medicines shortage, has only increased. The aid being received from the foreign groups is not sufficient, and the Venezuelan Maduro government is consistently creating obstacles in it. Therefore, the Rogoff warning is being endorsed.
Economist Rogoff compared the situation in Venezuela to the situation created in Libya, after Muammar Gaddafi’s death. But pointing out that Libya was going through a war that time, he claimed that the Venezuelan people are suffering because of incorrect policies and decisions. He held the deceased former President of Venezuela, Hugo Chavez, responsible for the situation.
While the international economists are issuing warnings, Maduro is desperately trying to sustain his government in Venezuela. The section of the Venezuelan military supporting Maduro has issued a fresh warning that the weapons in their hands, are to massacre the US soldiers. At the same time, Maduro, in an attempt to foil the agitation started by opposition leader Juan Guaido, has indicated holding elections for the national assembly.