Meeting extraordinary Venezuelan Moises Naim in Davos many years ago sparked an interest in this troubled nation that has grown over time. Supported by an annual update from the former Venezuelan Trade Minister and now US-based fellow of the Carnegie Endowment. A man whose book, The End Of Power, is one of my all-time favourites.
Naim’s reports have been getting progressively more depressing. But Davos 2020 could see a reversal to mirror the Zuma-to-Ramaphosa template. Because as this year’s World Economic Forum meeting drew to a close, pressure was growing on Venezuelan president Nicolas Maduro, whose policies have driven the country into deep crisis.
One of the more interesting aspects of what looks to be Maduro’s end-game has been the skilful yet hypocritical reaction of the Bank of England, which houses bullion worth $1.2bn that Maduro desperately needs to keep his military protectors sweet.
Maduro is demanding the gold be sold and the cash sent to him. His rival, the newly elected leader of the National Congress (which Maduro dissolved by edict) wants the gold to stay put. The Bank of England has refused to let Venezuela’s gold leave its vaults. Citing “compliance issues”. Cute.
