Socialist Venezuela Faces "Economic Collapse"

Yesterday Guido’s unrivalled international coverage brought you the news that Miliband’s mate François Hollande was leading France into a triple dip recession. Things aren’t going so great in France, but how are they doing down in Venezuela, another of Labour’s favourite foreign allies?

This week the country has been downgraded by not one but two credit ratings agencies. Standard and Poor have cut their bond ratings blaming the “radicalisation” of Maduro’s “economic war” on the “bourgeoisie”. Now Moody’s have cut their local and foreign currency ratings, delivering a damning indictment of Venezuela’s socialist programme:

“The downgrade reflects Moody’s view that Venezuela is facing increasingly unsustainable macroeconomic imbalances, including a sky rocketing inflation and a sharp depreciation of the parallel exchange rate. As government policies have exacerbated these problems, the risk of an economic and financial collapse has greatly increased.”

In France the man Miliband said offered a “different way forward” is on the verge of a triple dip. In Venezuela the man Labour MPs told us would show “a better way is possible” is pushing his country towards economic ruin. Don’t say you weren’t warned…


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