Venezuela’s troubles lap at Houston’s shores – HC

In a far-too familiar story, an authoritarian ruler has chosen to spread hunger, illness and desperation across a South American country rather than acknowledge the failure of a poorly executed experiment with socialism.And as Venezuela’s government reduces the workweek to two days to save money and cuts off imports to avoid bankruptcy, the Caribbean country has only one major overseas asset left: a refining company in Houston called Citgo.For decades, exporting oil and importing almost everything else has driven Venezuela’s economy. Oil accounted for 50 percent of Venezuela’s Gross Domestic Product and 95 percent of exports. Eighteen Houston companies have 50 offices in Venezuela, according to the Greater Houston Partnership.

Source: Venezuela’s troubles lap at Houston’s shores – Houston Chronicle

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