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Weekly Report - 22 February 2018 (WR-18-07)

VENEZUELA: Maduro tables economic and political solutions

“Today, a cryptocurrency is being born that can take on Superman,” President Nicolás Maduro announced in an address on Venezuelan state television on 20 February. The launch of the petro looks designed less to take on Superman, the personification of the US, than to get around him, namely US sanctions preventing banks and investors from buying Venezuelan debt. It also needs to get around the constitution, which expressly bars the issuance of debt without the approval of the national assembly, presently controlled by the political opposition. The Maduro administration also appears to have an answer for this apparent quandary: hold new legislative elections on 22 April alongside the presidential contest.

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