Maybe this will be the last straw...
“This could mean the end,” says Sergio Silva, shopkeeper at a neighbourhood store in Petare, one of Caracas’s biggest slums. “If Venezuelans do not have beer . . . This country could blow.”
Venezuela is suffering its steepest recorded contraction in imports as the depressed price of oil, which accounts for 95 per cent of export earnings, has pushed foreign reserves to a 13-year low and raised fears the sovereign will default on $14bn of bond payments due this year.
“We haven’t been able to replenish inventory, and we only have malted barley until April 29,” Polar said in a statement published on its website. “Because of that, we are obliged to suspend the production of beer until we get access to the foreign currency necessary to procure material.”
The nation just cannot function without being able to extract 10s of $B of rents from the sale of their oil.
A new problem for Venezuela: “If Venezuelans do not have beer . . .This country could blow.” https://t.co/ds2T7prU9T pic.twitter.com/2GKccCZmd2— Financial Times (@FT) April 29, 2016