The Andean Tribunal of Justice

Total Page:16

File Type:pdf, Size:1020Kb

The Andean Tribunal of Justice The Andean Tribunal of Justice Reality and Perspectives Prof. Dr. Luis José Diez-Canseco Núñez, MCL President Tribunal of Justice of the Andean Community The Andean Tribunal of Justice I. Introduction II. Legal Framework III. Competences and Statistics IV. Problems and Self-reengineering V. Final remarks Introduction Andean Community Member States (since 1969): • Peru • Colombia • Ecuador • Bolivia Former Member States: • Chile (1969-1976) • Venezuela (1973-2006) Andean Community A large population: 103 million in 2009 And a wide territory: 3.781.914 km² Headquarters: Lima, Peru Andean Community TOTAL REAL GROSS DOMESTIC PRODUCT (GDP) (Anual variation of constant values) COUNTRIES 2007 2008 2009 2010 2011 2012 ANDEAN COMMUNITY 6,6 5,9 1,6 5,5 6,4 5,3 BOLIVIA 4,6 6,1 3,4 4,1 5,2 5,2 COLOMBIA 6,9 3,5 1,7 4,0 6,6 4,0 ECUADOR 2,2 6,4 0,6 2,8 7,4 5,0 PERU 8,99,80,98,86,96,3 Source: General Secretariat of the Andean Community (SGCAN). Andean Community INTRA-COMMUNITY EXPORTS (FOB) (Millions of US dollars) COUNTRIES 2007 2008 2009 2010 2011 2012 ANDEAN COMMUNITY 5.998 7.004 5.774 7.810 9.261 10.349 BOLIVIA 395 479 535 636 714 1.194 COLOMBIA 2.148 2.456 2.116 3.063 3.428 3.741 ECUADOR 2.243 2.491 1.586 2.127 2.770 3.066 PERU 1.214 1.579 1.538 1.984 2.350 2.348 Source: General Secretariat of the Andean Community (SGCAN). Andean Community (Millions of US dollars) Source: General Secretariat of the Andean Community. Integration processes and Custom unions CAN – EFTA – EU • The first Cooperation Agreement EC- Andean Pact was signed in 1983 and covered issues of interest to both blocks through economic and trade cooperation • Cooperation Agreement EU-Andean Community, signed in 1993 • Agreement on Politic Dialogue and Cooperation, signed in December 2003 • General preferences system: 2005 • Colombia-EFTA: 2009 • Peru-EFTA: 2010 (Third exports destination) • Agreement between Peru & Colombia with the EU: 2012 • Agreement between Ecuador & EU: 2014 Legal Framework Legal Framework Primary Law: 1. Andean Subregional Integration Agreement: The Cartagena Agreement (Adopted on May 26 1969. Amended by the Protocols of Trujillo in 1996, Cochabamba in 1996 and Sucre in 1997) 2. Treaty Creating the Court of Justice (Adopted in 1979. Amended by the Protocol of Cochabamba in 1996) Legal Framework Secondary Law: 1.Andean Tribunal of Justice Regulations: Decision 500 2.Other Decisions and Regulations 3.Jurisprudence The Andean Tribunal of Justice • Four members Court • President • No Advocate General • Each judge has his/her own cabinet: Cabinet system (1 assistant lawyer + 1 intern) • Publication of the Magistrat Rapporteur’s name • Judicial dialogue and academic citations • Language: Spanish President • Appointed for 1 year • Rotating position • Honorary and administrative functions: Pares inter pares Judicial dialogue The ATJ has cited: • European Court of Justice (ECJ) • World Intellectual Property Organization (WIPO) • World Trade Organization • United Nations Educational, Scientific and Cultural Organization (UNESCO) • European Patent Office (EPO) • Office for Harmonization in the Internal Market (OHIM) • Constitutional Courts of Member States Over 90% of its caseload: IP 1. The Common Regime on Intellectual Property: Decision 486 2. The Common Regime on Copyright and Related Rights: Decision 351 3. The Common Regime on Plant Breeders’ Rights Protection: Decision 345 4. The Common Regime on Access to Genetic Resources: Decision 391 Competences and Statistics Competences of the ATJ Preliminary rulings: 3047 Actions for infringement: 115 Proceedings for annulment: 57 Proceedings for failure to act: 7 Community labour cases: 18 Arbitration (never used) 0 ------------------------------------------------------------------ TOTAL: 3.244* * From 1984 to June 2015 Caseload 3,54% (Preliminary rulings) 0,21% 93,93% (Actions for infringement) (Proceedings for annulment) 0,55% (Proceedings for failure to act) (Community labour cases) 1,76% 0,22% + 0,55% * Source: ATJ (from 1984 to June 2015) Before the Protocol of Cochabamba (1984-1998) * Source: ATJ (Andean Tribunal of Justice) Before the Protocol of Cochabamba (1984-1998) 184 (Preliminary rulings) (Actions for infringement) (Proceedings for annulment) 19 16 * Source: ATJ (Andean Tribunal of Justice) After the Protocol of Cochabamba (1999-2014) * Source: ATJ (Andean Tribunal of Justice) After the Protocol of Cochabamba (1999-2014) * Until May 2015 the ATJ received 280 Preliminary ruling petitions “It is not widely known that the Andean Tribunal of Justice is the world’s third most active international court, having issued over fourteen hundred rulings to date. The ATJ is less active than the European Court of Human Rights and the European Court of Justice, but busier than the more intensively studied International Court of Justice, the institutions of the WTO dispute settlement system, and other international courts. Although activity is not the same thing as effectiveness, the ATJ’s caseload suggests that the Andean legal system provides a tool for litigants to protect their rights and interests —particularly for disputes relating to intellectual property (IP)— a subject that dominates more than 90 percent of the ATJ’s docket”. - HELFER, L.; ALTER, K. y GUERZOVICH, F., “Islands of effective international adjudication: Constructing an intellectual property rule of law in the Andean Community”, The American Journal of International Law, vol. 103:1, 2009. Problems and Self-reengeneering Problems (Criticism) Political appointment of judges General unfamiliarity of the Andean legal system Cut and paste of previous decisions No “Act Clair Doctrine” (“Acte claire”) Lack of powers to impose fines Lack of initiative, lack of innovativeness Budgetary constraints Perspectives Judicial Advocacy Cooperation Agreements Self-reengineering Self-reengineering Reporting judge Change in working methods with decision making process Tied vote problem overcome Dissenting opinions (eventually, its publication will be allowed) Access to Justice in Preliminary Ruling procedure (broad interpretation of “national judge” concept in order to allow national offices to present PR) Extrajudicial activities (forums, conferences, interviews…) Intense dialogue with the General Secretariat Positive Agenda 1. Andean consumer protection rules 2. Competition rules: repression of unfair competition (advertising) and protection of free competition 3. Harmonization of registration procedures on appellations of origin 4. Protection of “Country Brands” Final Remarks Final Remarks We are a small court, which doesn’t mean we are unimportant Judicial Advocacy Repositioning / Self-reengineering Guarantor of integration Prof. Dr. Luis José Diez-Canseco Núñez, MCL President Tribunal of Justice of the Andean Community [email protected] www.tribunalandino.org.ec.
Recommended publications
  • Venezuela's Withdrawal from the Andean Community of Nations And
    Area: Latin America - ARI 54/2006 (Translated from Spanish) Date: 30/5/2006 Venezuela’s Withdrawal from the Andean Community of Nations and the Consequences for Regional Integration (Part I) Carlos Malamud ∗ Theme: The unexpected announcement by Venezuela of its decision to withdraw from the Andean Community of Nations (CAN), plus the nationalisation of Bolivian hydrocarbons, have further shaken the already unsteady scenario of South American regional integration. Summary: The President of Venezuela took advantage of a meeting with his colleagues from Bolivia, Paraguay and Uruguay on 19 April 2006 to unexpectedly announce the country’s withdrawal from the Andean Community of Nations (Comunidad Andina de Naciones or CAN), the sub-regional integration block formed by Bolivia, Colombia, Ecuador, Peru and Venezuela, whose annual trade turnover totals close to US$9 billion. Ten days later, Bolivia’s President Evo Morales announced the nationalisation of the country’s hydrocarbons. Venezuela insists that withdrawal from the CAN was a direct result of the immediate harm it would be caused by the free trade agreements (FTAs) signed by Colombia and Peru. Regardless of the real reasons behind Commander Chavez’s attitude, Venezuela’s move sent a deep shudder of concern through other CAN members and further stirred the already choppy waters of regional integration in the continent. In the Andean Community, Colombia and Peru held Chávez responsible for withdrawing from the block, Bolivia clearly aligned itself alongside Venezuela and Ecuador took a more neutral stance, although it defended the process of regional integration. Theoretically, Venezuela’s withdrawal from the CAN should imply a greater and more active role for the Bolivarian regime in Mercosur, which has not pleased Argentina and Brazil, who are suspicious of attempts by Chávez to align with the smaller countries in the block, Paraguay and Uruguay, which in turn have their bones of contention with the two major players.
    [Show full text]
  • Alba and Free Trade in the Americas
    CUBA AND THE CONSTRUCTION OF ALTERNATIVE GLOBAL TRADE SYSTEMS: ALBA AND FREE TRADE IN THE AMERICAS LARRY CATÁ BACKER* & AUGUSTO MOLINA** ABSTRACT The ALBA (Alternativa Bolivariana para los Pueblos de Nuestra América) (Bolivarian Alternative for The People of Our America), the command economy alternative to the free trade model of globalization, is one of the greatest and least understood contributions of Cuba to the current conversation about globalization and economic harmonization. Originally conceived as a means for forging a unified front against the United States by Cuba and Venezuela, the organization now includes Nicaragua, Honduras, Dominica, and Bolivia. ALBA is grounded in the notion that globalization cannot be left to the private sector but must be overseen by the state in order to maximize the welfare of its citizens. The purpose of this Article is to carefully examine ALBA as both a system of free trade and as a nexus point for legal and political resistance to economic globalization and legal internationalism sponsored by developed states. The Article starts with an examination of ALBA’s ideology and institutionalization. It then examines ALBA as both a trade organization and as a political vehicle for confronting the power of developed states in the trade context within which it operates. ALBA remains * W. Richard and Mary Eshelman Faculty Scholar and Professor of Law, Dickinson Law School; Affiliate Professor, School of International Affairs, Pennsylvania State University, University Park, Pennsylvania; and Director, Coalition for Peace & Ethics, Washington, D.C. The author may be contacted at [email protected]. An earlier version of this article was presented at the Conference, The Measure of a Revolution: Cuba 1959-2009, held May 7–9, 2009 at Queen’s University, Kingston, Ontario, Canada.
    [Show full text]
  • Building" Nuestra América:" National Sovereignty and Regional
    Building “Nuestra América:” National Sovereignty and Regional Integration in the Americas* Renata Keller** “It is the hour of reckoning and of marching in unison, and we must move in lines as compact as the veins of silver that lie at the roots of the Andes.” José Martí, “Nuestra América,”1891 José Martí, the Cuban intellectual and independence hero, publis- hed one of his most important essays in a Mexican newspaper while representing Uruguay at the First International Conference of Ame- rican States in Washington DC in 1891. Titled “Nuestra América,” Martí’s call to action touched on a number of themes, including nati- onalism, imperialism, and racism. He urged his readers to discard * Article submitted on September 16th, 2013 and approved for publication in October 16th, 2013. ** Renata Keller is an assistant professor of International Relations at Boston University and holds a Ph.D. in History from the University of Texas at Austin. Her research and teaching interests focus on Latin American history, particularly the connections between foreign and domestic politics, the dynamics of the Cold War, and U.S. relations with Latin America. E-mail: [email protected]. CONTEXTO INTERNACIONAL Rio de Janeiro, vol. 35, no 2, julho/dezembro 2013, p. 537-564. 537 Contexto Internacional (PUC) Vol. 35 no 2 – jul/dez 2013 1ª Revisão: 29/12/2013 Renata Keller their provincial mindsets, insisting that “hometowns that are still strangers to one another XX must hurry to become acquainted, like men who are about to battle together” (MARTÍ, 1977, p. 26).
    [Show full text]
  • Sucre Protocol
    SUCRE PROTOCOL THE GOVERNMENTS OF BOLIVIA, COLOMBIA, ECUADOR, PERU AND VENEZUELA; AGREE through their duly authorized plenipotentiary representatives to the following amendments to the Andean Subregional Integration Agreement (Cartagena Agreement): Article 1. – In Article 2 replace the term "gross national product" by "gross domestic product." Article 2.- Substitute the following text for Article 3: "Article 3.- The following mechanisms and measures, among others, shall be used to achieve the objectives of this Agreement: The intensification of integration with the other regional economic blocs and of political, social, economic, and commercial relations with extra-regional systems; The gradual harmonization of economic and social policies and dovetailing of national laws on pertinent matters; Joint programming, the intensification of subregional industrialization and the execution of industrial programs and other forms of industrial integration; A more advanced trade liberalization schedule than the commitments arising out of the 1980 Treaty of Montevideo; A Common External Tariff; Programs to accelerate the development of the agricultural and agribusiness sectors; The channeling of internal and external resources to the Subregion to finance the investments that are needed for the integration process; Programs in the field of services and of the deregulation of intra-subregional trade in services; Physical integration; and Preferential treatment for Bolivia and Ecuador. The following economic and social cooperation programs and actions shall be carried out in coordination to complement the above-cited mechanisms: Programs designed to expedite scientific and technological development; Actions in the field of border integration; Tourism programs; Actions for the use and conservation of natural resources and the environment; Social development programs; and Actions in the field of social communication Article 3.- Eliminate Article 26c).
    [Show full text]
  • The Bolivarian Alliance for the Americas: the Destabilizing Impact on Latin America
    St. John Fisher College Fisher Digital Publications International Studies Masters International Studies Department 1-2010 The Bolivarian Alliance for the Americas: The Destabilizing Impact on Latin America JoEllen Vassallo St. John Fisher College Follow this and additional works at: https://fisherpub.sjfc.edu/intlstudies_masters How has open access to Fisher Digital Publications benefited ou?y Recommended Citation Vassallo, JoEllen, "The Bolivarian Alliance for the Americas: The Destabilizing Impact on Latin America" (2010). International Studies Masters. Paper 2. Please note that the Recommended Citation provides general citation information and may not be appropriate for your discipline. To receive help in creating a citation based on your discipline, please visit http://libguides.sjfc.edu/citations. This document is posted at https://fisherpub.sjfc.edu/intlstudies_masters/2 and is brought to you for free and open access by Fisher Digital Publications at St. John Fisher College. For more information, please contact [email protected]. The Bolivarian Alliance for the Americas: The Destabilizing Impact on Latin America Abstract The Bolivarian Alliance for the Americas (ALBA) is an international cooperation organization based upon the idea of social, political, and economic integration between the countries of Latin American and the Caribbean. The ALBA Bloc was started by the Venezuelan President, Hugo Chavez, as an alternative to the proposed Free Trade Area of the Americas (FTAA), in 2004. Its main objective is to counter United States hegemony in Latin America. It started off as a trade agreement between Cuba and Venezuela and has grown to include the following members: Antigua and Barbuda, Bolivia, Dominica, Ecuador, Honduras, Nicaragua, and Saint Vincent and the Grenadines.
    [Show full text]
  • The Bolivarian Dream: ALBA and the Cuba-Venezuela Alliance
    Florida International University FIU Digital Commons FIU Electronic Theses and Dissertations University Graduate School 11-5-2020 The Bolivarian Dream: ALBA and the Cuba-Venezuela Alliance Victor Lopez Florida International University, [email protected] Follow this and additional works at: https://digitalcommons.fiu.edu/etd Part of the International and Area Studies Commons Recommended Citation Lopez, Victor, "The Bolivarian Dream: ALBA and the Cuba-Venezuela Alliance" (2020). FIU Electronic Theses and Dissertations. 4573. https://digitalcommons.fiu.edu/etd/4573 This work is brought to you for free and open access by the University Graduate School at FIU Digital Commons. It has been accepted for inclusion in FIU Electronic Theses and Dissertations by an authorized administrator of FIU Digital Commons. For more information, please contact [email protected]. FLORIDA INTERNATIONAL UNIVERISTY Miami, Florida THE BOLIVARIAN DREAM: ALBA AND THE CUBA-VENEZUELA ALLIANCE A thesis submitted in partial fulfillment of the requirements for the degree of MASTER OF ARTS in INTERNATIONAL STUDIES by Victor Lopez 2020 To: Dean John Stack Steven J. Green School of International and Public Affairs This thesis, written by Victor Lopez, and entitled The Bolivarian Dream: ALBA and the Cuba- Venezuela Alliance, having been approved in respect to style and intellectual content, is referred to you for judgment. We have read this thesis and recommend that it be approved. Jorge Duany Eduardo Gamarra Astrid Arrarás, Major Professor Date of defense: November 5, 2020 The thesis
    [Show full text]
  • The Andean Community at the Crossroads
    Working Group on Development and Environment in the Americas Discussion Paper Number 16 Natural Resources & Foreign Investors: A tale of three Andean countries Leonardo Stanley April 2008 The Working Group on Development and Environment in the Americas, founded in 2004, brings together researchers from several countries in the Americas who have carried out empirical studies of the social and environmental impacts of economic liberalization. The goal of the Working Group Project is to contribute empirical research and policy analysis to the ongoing policy debates on national economic development strategies and international trade. The project also brings more prominently into U.S. policy debates the rich body of research carried out by Latin American experts, as well as their informed perspectives on trade and development policies. Hosted by Tufts' Global Development and Environment Institute, the Working Group Project has four initiatives. The Working Group’s web page is http://ase.tufts.edu/gdae/WGOverview.htm Leonardo Stanley is an economist at Universidad de Mar del Plata and a visiting researcher in the Department of Economics at CEDES. He has previously worked in the Programa de Teoría Económica at Instituto de Desarrollo Económico y Social in Buenos Aires. Leonardo Stanley received his MA in Science in Economics from Queen Mary & Westfield, London University, and a Diplome d’Etudes Approfondies from Universidad de Evry Val-d'Essone. © 2008, Leonardo Stanley and the Working Group on Development and Environment in the Americas Natural Resources & Foreign Investors: A tale of three Andean countries Leonardo Stanley Introduction Over the past 25 years, Latin American governments have undertaken a structural-adjustment process including, among other actions, the elimination of trade barriers, privatization of large public domestic firms, and deregulation of markets.
    [Show full text]
  • Common Agenda Agenda a Common Toward Toward a Common Agenda Agenda a Common Toward
    Andean-U.S. Dialogue Forum February 2011 This report has been developed by The Carter Center and the International Institute for Democracy and Electoral Assistance (International IDEA) as part of the Andean-U.S. Dialogue Forum. It is intended to promote more effective cooperation by identifying convergences and divergences in priorities among the countries and the peoples of Venezuela, Colombia, Ecuador, Peru, Bolivia and the United States. Developed as a "Common Agenda", it seeks to enhance understanding of the internal dynamics in e ach country and reduce stereotypes that impede cooperation. The report highlights the transnational issues of energy, climate change, trade, and illegal drugs, Andean Countries and the United States the for Agenda a Common Toward recognizing that progress requires a collective response. The Carter Center The Carter Center was founded in 1982 by former U.S. President Jimmy Carter and his wife, Rosalynn, in partnership with Emory University, to advance peace and health worldwide. A not-for-profit, nongovernmental organization, the Center has helped to improve life for people in more TowardToward aa CommonCommon AgendaAgenda than 70 countries by resolving conflicts; advancing democracy, human rights, and economic opportunity; preventing diseases; and improving forfor thethe AndeanAndean CountriesCountries mental health care. andand thethe UnitedUnited StatesStates International IDEA International IDEA is an intergovernmental organization with 25 member countries. The Institute supports democratic institutions and processes worldwide by providing resources to strengthen capacities, developing policy proposals and supporting democratic reforms. International IDEA's main areas of expertise are electoral processes, political party systems, constitutional processes, gender and democracy. ISBN: 978-91-86565-09-1 Toward a Common Agenda for the Andean Countries and the United States Andean-U.S.
    [Show full text]
  • Malaria in Sucre State, Venezuela
    ARTIGO ARTICLE 1127 Malaria in Sucre State, Venezuela Robert H. Zimmerman 1 1 Florida Medical Abstract The author reviews the malaria research program in Sucre State, Venezuela, taking an Entomology Laboratory, ecosystem approach. The goal was to determine which methods could have been introduced at Institute of Food and Agricultural Sciences, the onset that would have made the study more ecological and interdisciplinary. Neither an University of Florida. ecosystem approach nor integrated disease control were in place at the time of the study. This 200 9th Street SE, Vero Beach, study began to introduce an ecosystem approach when two contrasting ecosystems in Sucre State FL 32962, U.S.A. were selected for study and vector control methods were implemented based on research results. The need to have a health policy in place with an eco-health approach is crucial to the success of research and control. The review suggests that sustainability is low when not all the stakeholders are involved in the design and implementation of the research and control strategy develop- ment. The lack of community involvement makes sustainability doubtful. The author concludes that there were two interdependent challenges for malaria control: development of an ecosystem approach for malaria research and control, and the implementation of an integrated disease control strategy, with malaria as one of the important health issues. Key words Malaria; Tropical Medicine; Vector Control Resumo O autor faz uma revisão do programa de pesquisa sobre malária no Estado de Sucre, Venezuela, à luz de uma abordagem ecossistêmica. O objetivo era determinar quais métodos poderiam ter sido introduzidos no início do estudo para torná-lo mais ecológico e interdiscipli- nar.
    [Show full text]
  • Latin America and the Caribbean in the World Economy
    2014 Latin America and the Caribbean in the World Economy Regional integration and value chains in a challenging external environment 2014 Alicia Bárcena Executive Secretary Antonio Prado Deputy Executive Secretary Osvaldo Rosales Chief, Division of International Trade and Integration Ricardo Pérez Chief, Publications and Web Services Division Latin America and the Caribbean in the World Economy is the annual report prepared by the Division of International Trade and Integration of ECLAC. The ECLAC subregional headquarters for the Caribbean, the ECLAC subregional headquarters in Mexico and the Latin American and Caribbean Institute for Economic and Social Planning (ILPES) assisted with the preparation of this year’s edition. The production of the report was overseen by Osvaldo Rosales, Chief of the Division of International Trade and Integration. Keiji Inoue, Senior Economic Affairs Officer of the Division, was responsible for its technical coordination. The following staff members of the Commission assisted in the preparation and drafting of the chapters: José Elías Durán, Sebastián Herreros, Sheldon McLean, Nanno Mulder and Dayna Zaclicever. The authors are grateful for contributions made to the work by Sebastián Castresana, Carlos D’Elía, Myriam Echeverría, Alfonso Finot, Tania García-Millán, René Hernández, Antoine Le Squeren, Jorge Mario Martínez, José Carlos Mattos, Javier Meneses, Yoshimichi Murakami, Nahuel Oddone, Ramón Padilla and Gustavo Zanabria. Notes The following symbols have been used in the tables in this publication: • Three dots (…) indicate that data are not available or are not separately reported. • A dash (-) indicates that the amount is nil or negligible. • A comma (,) is used to indicate decimals. • The word “dollars” refers to United States dollars, unless otherwise specified.
    [Show full text]
  • Development of the Latin American Feeling of Distrust Toward
    Loyola University Chicago Loyola eCommons Master's Theses Theses and Dissertations 1947 Development of the Latin American Feeling of Distrust Toward the United States, as Exemplified By the Works of Latin American Essayists Ann Parker Loyola University Chicago Recommended Citation Parker, Ann, "Development of the Latin American Feeling of Distrust Toward the United States, as Exemplified By the Works of Latin American Essayists" (1947). Master's Theses. Paper 313. http://ecommons.luc.edu/luc_theses/313 This Thesis is brought to you for free and open access by the Theses and Dissertations at Loyola eCommons. It has been accepted for inclusion in Master's Theses by an authorized administrator of Loyola eCommons. For more information, please contact [email protected]. This work is licensed under a Creative Commons Attribution-Noncommercial-No Derivative Works 3.0 License. Copyright © 1947 Ann Parker f I DEVELOP!SN'I' OF T!Li: LATIN M!illRIC.ilN FE:ELING OF DISTmJST TOWARD THE UNITED STl1.Tl!S, AS EXEI'Il'TLIFIED EY ·THE WORKS OF LATIN s~ICAN ESSAYISTS By ANN PA:RR:ER A TID!SIS SUBMITTED IN PARTIAL FULFILLMENT OF THE REQ,UIREMENTS FOR THE DEGREE OF MASTER OF ARTS IN LOYO)A UNIVERSITY • JUNE 1947 V I T A Ann Parker was born in Chicago, Illinois, January 14, 1917. Shere­ ceived a teachers certificate from Chicago Normal College, Chicago, Illin­ ois, June, 1937. The Bachelor of Philosophy degree was conferred by De Paul University, Chicago, Illinois, June, 1941. Since March, 1942, the writer has been a student in the Department of Spanish at Loyola Universi­ ty.
    [Show full text]
  • Background Reference: Venezuela
    Background Reference: Venezuela Last Updated: January 7, 2019 Overview Venezuela’s output has fallen significantly since global crude oil prices fell from their peak in mid-2014. The production declines have been especially acute since mid-2016, with Venezuela’s crude oil output falling by 755,000 barrels per day (b/d) between June 2016 and May 2018. U.S. Energy Information Administration 1 The Venezuelan economy relies heavily on crude oil. Crude oil revenues have fallen significantly, falling to $22 billion in 2016, according to EIA’s estimates of Venezuela’s net oil export revenues. In 2011, Venezuela’s net oil export revenues were more than $73 billion (in 2016 dollars). The chronic problems in Venezuela’s oil industry that led to the steep production declines are unlikely to change any time soon. Venezuela’s economic and political instability The Venezuelan government is facing high levels of debt and hyperinflation. During the last quarter of 2017, Venezuela was late in making some bond payments, and the main rating agencies declared the country in selective default. During 2018, more than $9 billion in bond payments will come due, raising the possibility of a general default. In addition to the approximately $64 billion of debt in traded bonds, Venezuela owes $26 billion to creditors and $24 billion in commercial loans, according to Torino Capital estimates, although some estimates place Venezuelan debt at $150 billion.1 Venezuela’s economy contracted by nearly 9% in 2017, based on estimates from Oxford Economics. Although the Venezuelan government has not published any economic data in more than two years, Venezuela’s National Assembly reported in mid-March 2018 that inflation was more than 6,000% between February 2017 and February 2018.
    [Show full text]