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The Politics of Adjustment: Labor and the Venezuelan Debt Crisis

Published online by Cambridge University Press:  02 January 2018

Jennifer L. McCoy
Jennifer L. McCoy*
Affiliation:
Georgia State University (Atlanta)
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Extract

In mid-1985, the US Embassy in Caracas stated that “Venezuela appears to have successfully coped with its financial crisis” (US Embassy, 1985). In January 1986, the Wall Street Journal announced that

Venezuela will become the first country in Latin America to sign a debt-refinancing agreement without mediation by the International Monetary Fund (IMF). Its success stands in stark contrast to the situation in another oil-rich nation, Mexico, where the ruling political party has seemed more interested in using the oil wealth to perpetuate the party's power than to secure the country's independence from the IMF (WSJ, 1986).

Type
Research Article
Information
Journal of Interamerican Studies and World Affairs , Volume 28 , Issue 4 , Winter 1986 , pp. 103 - 138
Copyright
Copyright © University of Miami 1987

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