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Andean Group - November 2013 (ISSN 1741-4466)

ECONOMY: Pawning the family jewels

In mid November Venezuela’s opposition leader Henrique Capriles Radonski accused President Nicolás Maduro of doing ‘secret deals’ in a desperate bid to round up sufficient cash for pending external debt obligations and payments to suppliers. A week later, local press confirmed that the Caracas government was in talks with the US investment bank Goldman Sachs to effectively pawn the country’s remaining London-held gold holdings to boost the central bank’s scarce liquidity.

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