The Trouble with ALBA

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Quico says: Turns out it’s not only Venezuelans who are finding out that taking Hugo Chávez’s promises at face value can be a problematic strategy going forward…

Venezuela’s state oil company has failed to fulfill promises to make badly needed investments in Bolivia’s natural gas fields. This has contributed to a lack of new production under Bolivian President Evo Morales, which in turn, has had huge ramifications throughout the Southern Cone. Brazil, Argentina and Chile, which all were depending on more gas from Bolivia for their growing economies, find themselves facing energy shortages that seem likely to pinch consumers, businesses and economic growth during South America’s upcoming winter months.

What proportion of Chávez’s investment commitments abroad actually get implemented? I really wonder.

Thanks to JRAY for the tip.

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