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Venezuela on the precipice

The Opec deal is not enough to rescue Venezuela and its indebted state company PdV

One of the most damning indictments on the state of Venezuela's economy heading into 2017 came from an unlikely source: the president himself. "2016 was the hardest, longest and most difficult year we have known," Nicolás Maduro told the nation in early January. He wasn't exaggerating. The economy is around 20% smaller than it was in 2013, when Maduro was elected. An acute cash crunch has forced it to slash imports, from $66bn in 2012 to $18bn in 2016, leading to severe shortages of food, medicine and other necessities. The bolivar fuerte is in a death spiral and inflation is heading north of 1,000%, says the IMG. Those that have the means to do so have fled the country. Maduro's government

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