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Weekly Report - 18 February 2016 (WR-16-07)

VENEZUELA: Maduro bites the bullet

President Nicolás Maduro has bowed to the inevitable, and long overdue, fiscal adjustment. It is too little too late. The political costs will be high, but the economic impact negligible. Venezuela needs drastic measures, but Maduro, it appears, is unwilling – or unable – to take them.

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