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April 25th, 2024 | 4:24 AM ET

Caracas in Crisis

Posted: June 7th, 2016

Deterioration of democracy, humanitarian issues, and an economic crisis in Venezuela have the potential to cause an implosion that destabilizes the greater region.  As The Cipher Brief’s Erica Evans reported last week, the government is running out of money and resources; food, water, and basic necessities are scarce; and while the President is cracking down on protesters, the opposition is trying to remove him from office.

Colombia is likely the most concerned about the crisis within its eastern neighbor. The two countries share not only a border but also substantial trade flows and other economic ties.  Next comes all of the countries in Latin America and the Caribbean that are reliant on Venezuela’s Petrocaribe for subsidized oil (which, as The Cipher Brief reported last month, is essentially a cheap credit program).  At least 10 Caribbean countries still use the program, reports Americas Quarterly columnist Oliver Stuenkel. This includes Cuba.

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