Maduro Now Owns Venezuela's Economy — and Its Collapse
Venezuela's socialist regime has consolidated near-total political control after installing an all-powerful constituent assembly. Resolving the economic crisis and coming up with $3.5 billion for bond payments through November however will prove trickier.
August 30, 2017 at 11:00 PM
10 minute read
Venezuela's socialist regime has consolidated near-total political control after installing an all-powerful constituent assembly. Resolving the economic crisis and coming up with $3.5 billion for bond payments through November however will prove trickier.
President Nicolas Maduro has thrived in the face of vicious street demonstrations, talk of military force by the U.S. and several rounds of sanctions. His new constituent assembly is bypassing congress and is expected to start rewriting the nation's charter this week. But the end result may be that Maduro has sole ownership of the once-rich nation's terminal financial collapse.
Maduro has been hunting for new financial lifelines in Russia as he's slashed imports, called in debts and sold or mortgaged assets at a deep discount. As of July 31, the government had amassed $2.8 billion for its November payments, according to Caracas-based consultancy Ecoanalitica.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View AllTop Governor's Office Executives Drafted Letters Threatening Florida TV Stations Over Abortion Ads
3 minute readGC of Florida State Agency Steps Down After Threatening TV Stations That Aired Abortion-Rights Ad
Eleventh Circuit Rules for Moms for Liberty in Free Speech Case Against School Board
4 minute readJudge Dismisses Civilian Investigative Panel Lawsuit: A Setback for Miami's Police Oversight
5 minute readTrending Stories
- 1Armstrong Teasdale's London Creditors Face Big Losses
- 2Texas Court Invalidates SEC’s Dealer Rule, Siding with Crypto Advocates
- 3Quinn Emanuel Has Thrived in China. Will Trump Help Boost Its Fortunes?
- 4Manufacturer Must Provide Details Surrounding Expert’s Livestreamed Inspection, Fed Court Rules
- 5Waterbury Jury Awards $2 Million Verdict Against Eversource
Who Got The Work
Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
Who Got The Work
Edmund Polubinski and Marie Killmond of Davis Polk & Wardwell have entered appearances for data platform software development company MongoDB and other defendants in a pending shareholder derivative lawsuit. The action, filed Oct. 7 in New York Southern District Court by the Brown Law Firm, accuses the company's directors and/or officers of falsely expressing confidence in the company’s restructuring of its sales incentive plan and downplaying the severity of decreases in its upfront commitments. The case is 1:24-cv-07594, Roy v. Ittycheria et al.
Who Got The Work
Amy O. Bruchs and Kurt F. Ellison of Michael Best & Friedrich have entered appearances for Epic Systems Corp. in a pending employment discrimination lawsuit. The suit was filed Sept. 7 in Wisconsin Western District Court by Levine Eisberner LLC and Siri & Glimstad on behalf of a project manager who claims that he was wrongfully terminated after applying for a religious exemption to the defendant's COVID-19 vaccine mandate. The case, assigned to U.S. Magistrate Judge Anita Marie Boor, is 3:24-cv-00630, Secker, Nathan v. Epic Systems Corporation.
Who Got The Work
David X. Sullivan, Thomas J. Finn and Gregory A. Hall from McCarter & English have entered appearances for Sunrun Installation Services in a pending civil rights lawsuit. The complaint was filed Sept. 4 in Connecticut District Court by attorney Robert M. Berke on behalf of former employee George Edward Steins, who was arrested and charged with employing an unregistered home improvement salesperson. The complaint alleges that had Sunrun informed the Connecticut Department of Consumer Protection that the plaintiff's employment had ended in 2017 and that he no longer held Sunrun's home improvement contractor license, he would not have been hit with charges, which were dismissed in May 2024. The case, assigned to U.S. District Judge Jeffrey A. Meyer, is 3:24-cv-01423, Steins v. Sunrun, Inc. et al.
Who Got The Work
Greenberg Traurig shareholder Joshua L. Raskin has entered an appearance for boohoo.com UK Ltd. in a pending patent infringement lawsuit. The suit, filed Sept. 3 in Texas Eastern District Court by Rozier Hardt McDonough on behalf of Alto Dynamics, asserts five patents related to an online shopping platform. The case, assigned to U.S. District Judge Rodney Gilstrap, is 2:24-cv-00719, Alto Dynamics, LLC v. boohoo.com UK Limited.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250