Venezuela's Corruption Exposed

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Capital flight in Venezuela 103% of GDP

10 years ago By Alek Boyd

This is a shocking piece of news. Alejandro Rebossio reports in El País that Venezuelans have syphoned $405.8 billion away from that country. Capital flight in Brazil, a country of 198 million people with a GDP of 2.253 trillion is estimated at $519.5 billion.  

This is actually beyond shocking. Venezuela has forex controls. Venezuela's GDP is $382 billion. Venezuela's international reserves stand at $21 billion. Venezuela's population is under 30 million. Venezuela's per capita income is just under $12,000.

Contrast those stats with $405.8 billion, which Rebossio reports as 103% of GDP.

In which jurisdictions are those $405.8 billion taxed?

Through which Venezuelan banks were $405.8 billion syphoned out?

Which banking authority failed to prevent such capital flight?

Considering Venezuela's economy dynamics what could be said of State-owned enterprises' responsibilities in this respect?

Corruption galore...

UPDATE the following day: Rafael Ramirez, acting CEO of PDVSA, Minister of Energy and VP of Economy (no conflict of interest there), claimed yesterday "We have accumulated $477 billion from oil income". Trouble is, no one knows where that money is...

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