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| Putin voices support for Maduro as leader visits Moscow for financial aid | Putin voices support for Maduro as leader visits Moscow for financial aid |
| (35 minutes later) | |
| Vladimir Putin has voiced support for the Venezuelan leader, Nicolás Maduro, as he visited Moscow seeking financial assistance for the socialist country’s collapsing economy. | |
| At a meeting at Putin’s residence outside Moscow, the Russian president told Maduro: “We support your efforts to achieve mutual understanding in society and all your actions aimed at normalising relations with the opposition.” | At a meeting at Putin’s residence outside Moscow, the Russian president told Maduro: “We support your efforts to achieve mutual understanding in society and all your actions aimed at normalising relations with the opposition.” |
| Putin added: “Naturally we condemn any actions that are clearly terrorist in nature, any attempts to change the situation by force.” | Putin added: “Naturally we condemn any actions that are clearly terrorist in nature, any attempts to change the situation by force.” |
| Hit by low oil prices, mismanagement and the impact of US sanctions, Venezuela is in freefall and Maduro is seeking support from allies after winning a second presidential term this year. | Hit by low oil prices, mismanagement and the impact of US sanctions, Venezuela is in freefall and Maduro is seeking support from allies after winning a second presidential term this year. |
| Under the late Hugo Chávez, who ushered in Venezuela’s socialist revolution in 1999, a new constitution and numerous elections placed nearly all government institutions under the control of the ruling Socialist party. | Under the late Hugo Chávez, who ushered in Venezuela’s socialist revolution in 1999, a new constitution and numerous elections placed nearly all government institutions under the control of the ruling Socialist party. |
| This concentration of power was aided by a feuding opposition which carried out ineffectual campaigns and electoral boycotts. After Chávez died of cancer in 2013, he was succeeded by Nicolás Maduro who is even less tolerant of dissent. | This concentration of power was aided by a feuding opposition which carried out ineffectual campaigns and electoral boycotts. After Chávez died of cancer in 2013, he was succeeded by Nicolás Maduro who is even less tolerant of dissent. |
| Growing political authoritarianism has coincided with greater state dominance over the economy. But expropriations, price controls and mismanagement have led to a 40% contraction of the economy in the past five years. | Growing political authoritarianism has coincided with greater state dominance over the economy. But expropriations, price controls and mismanagement have led to a 40% contraction of the economy in the past five years. |
| Oil accounts for 96% of Venezuela’s export income but many foreign companies have been driven out and production has dropped to a 30-year low. | Oil accounts for 96% of Venezuela’s export income but many foreign companies have been driven out and production has dropped to a 30-year low. |
| The resulting fiscal crisis has prompted the government to print more money, which has led to hyperinflation and a collapse of the currency. | The resulting fiscal crisis has prompted the government to print more money, which has led to hyperinflation and a collapse of the currency. |
| It also means that the government can’t import enough food and medicine to meet demand. | It also means that the government can’t import enough food and medicine to meet demand. |
| Maduro has rejected economic reforms out of loyalty to socialism and because many government officials are allegedly getting rich off the economic distortions – through exchange rate scams and by selling scarce food on the black market. | Maduro has rejected economic reforms out of loyalty to socialism and because many government officials are allegedly getting rich off the economic distortions – through exchange rate scams and by selling scarce food on the black market. |
| Maduro, who took over following the death of Hugo Chávez in 2013, has come under strong pressure from Donald Trump’s administration, which calls him a “dictator”. | Maduro, who took over following the death of Hugo Chávez in 2013, has come under strong pressure from Donald Trump’s administration, which calls him a “dictator”. |
| While he won the May elections, most of the international community did not recognise the results. Formally, Maduro’s second mandate only begins in January next year. | While he won the May elections, most of the international community did not recognise the results. Formally, Maduro’s second mandate only begins in January next year. |
| Maduro told Putin he was sure their talks would bring “good news for cooperation between our countries and for the economies of our countries”. | Maduro told Putin he was sure their talks would bring “good news for cooperation between our countries and for the economies of our countries”. |
| Putin’s spokesman, Dmitry Peskov, said ahead of the meeting that Maduro had travelled to Moscow specifically to ask Russia – itself the target of US sanctions – for financial assistance. | |
| “The talks will focus on the help that the Venezuelan leadership needs,” Peskov told reporters, declining to be more specific on how much Russia could lend. | “The talks will focus on the help that the Venezuelan leadership needs,” Peskov told reporters, declining to be more specific on how much Russia could lend. |
| Life's a struggle as Venezuela inflation heads for one million per cent | Life's a struggle as Venezuela inflation heads for one million per cent |
| He said the economic situation in the Latin American country remained difficult but noted “signs of improving dynamics”. | He said the economic situation in the Latin American country remained difficult but noted “signs of improving dynamics”. |
| Venezuela, which has been rocked by deadly protests and economic chaos, is counting on Russian support amid growing international isolation. | Venezuela, which has been rocked by deadly protests and economic chaos, is counting on Russian support amid growing international isolation. |
| Food and medicine shortages have sparked an exodus of some 2 million people. The International Monetary Fund projects hyperinflation of 10m% next year. | Food and medicine shortages have sparked an exodus of some 2 million people. The International Monetary Fund projects hyperinflation of 10m% next year. |
| After talks last year between Maduro and Putin, Russia, Venezuela’s major creditor, agreed to restructure $3.15bn of debt from a loan taken out by Caracas in 2011 to finance the purchase of Russian arms. | After talks last year between Maduro and Putin, Russia, Venezuela’s major creditor, agreed to restructure $3.15bn of debt from a loan taken out by Caracas in 2011 to finance the purchase of Russian arms. |
| Largely isolated from the international community, Maduro is now trying to shore up support from his allies. | Largely isolated from the international community, Maduro is now trying to shore up support from his allies. |
| He was visiting Moscow after hosting his Turkish counterpart, Recep Tayyip Erdoğan, in Caracas. | He was visiting Moscow after hosting his Turkish counterpart, Recep Tayyip Erdoğan, in Caracas. |
| Russia and Venezuela enjoy a long history of ties and Chávez, known for his passionate tirades against the United States, was a welcome guest at the Kremlin. | |
| Nicolás Maduro | Nicolás Maduro |
| Vladimir Putin | Vladimir Putin |
| Venezuela | Venezuela |
| Russia | Russia |
| Americas | Americas |
| Europe | Europe |
| news | news |
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