A little known aspect of the Venezuelan financial tragedy

 

VENEPIRAMIDES, an excellent website in Spanish, see http://venepiramides.blogspot.com/ , illustrates a little known aspect of the Venezuelan financial tragedy. This is the injection of inorganic money (printed in house) from the Venezuelan Central Bank to Venezuelan state companies, particularly the oil company, Petroleos de Venezuela. In one year, according VENEPIRAMIDES, this support grew by 51%. According to the Venezuelan Central Bank its assistance to Venezuelan public agencies amounts, June 2013, to the equivalent of U.S. $ 30.5 billion, in printed bolivars. Only to Petroleos de Venezuela the money transfer has been of U.S. $28 billion.

This is a disaster.