Reuters does its bit support alarmist claims about Venezuela’s economy in an article by Andrew Cawthorne and Brian Ellsworth:
“Venezuela foreign reserves fall to lowest since 2003” screams the headline.
It looks only at liquid reserves of Venezuela’s Central Bank.
It so happens a few months ago, during a debate at Harvard, Francisco Rodriguez (not a fan of Chavismo by a long shot) carefully explained that, accounting for a drop in gold prices in recent years, the Venezuelan government’s liquid reserves haven’t really budged over the past three years.
The debate has been available on Youtube for a few weeks (and I have written an Telesur op-ed about it that will soon be available.)
UPDATE 5/3/2015 – here is that op-ed
According to Rodriguez, a conservative estimate of the combined value of Venezuela’s liquid reserves plus assets is $76 billion
If only Reuters had access to Youtube.
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