Home NEWS Corbyn’s plan for UK: Venezuela DEBT CATASTROPHE – chilling warning of life under Labour | Politics | News

Corbyn’s plan for UK: Venezuela DEBT CATASTROPHE – chilling warning of life under Labour | Politics | News

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Despite once calling the increasingly authoritarian state an “inspiration,” the emboldened socialist has repeatedly refused to take back his praise for the failed far-left experiment – which is currently begging creditors for a renegotiation of its debts.

Following widespread bloodshed earlier this year after the people rose against the rule of the Maduro regime, Mr Corbyn instead denounced violence on “both sides”.

Now Venezuela, a nation Mr Corbyn claimed had a “better” approach to governance than Europe, is set to open talks with creditors to renegotiate a crippling debt which has left once-prosperous citizens sifting through rubbish bins to find food.

In 2013 Mr Corbyn hailed Venezuela for marching towards the Labour leader’s socialist ideals.

He claimed Maduro’s now-crumbling nation provided “inspiration to all of us fighting back against neoliberalism and austerity in Europe and showing us there is a better way of doing things. 

He added: “It’s called socialism, it’s called social justice and it’s something that Venezuela has made a big step towards.”

Earlier today the Opec nation took its first steps towards averting a default that would plunge its economy into deeper uncertainty.

President Nicolas Maduro’s government has summoned investors who hold some $60 billion in junk bonds to Caracas in a desperate bid to shore up public finances that have been squeezed by the unravelling of the socialist economy. 

Investors broadly said they planned to skip the meeting because of concerns about US sanctions on senior Venezuelan officials, worries about security in violence-torn Caracas, and generalised confusion about what President Maduro hopes to achieve. 

“The country that has paid the greatest amount of debt per capita is called Venezuela,” President Maduro said during his weekly Sunday broadcast, insisting the country was the victim of an “economic war.” 

But many say Maduro’s promise to restructure and refinance debt rings hollow at a time when US sanctions make both options all but impossible, and that his government may be paving the way for a default despite promises to the contrary. 

Aside from his far-right financial policies, Maduro has also attempted to use the heavy-handed guise of socialism to repeatedly clamp down on any checks and balances that would counter his control in an increasingly authoritarian swipe at power.

Earlier this year the state gained a harsh assessment from Philip Hammond during his party conference speech.

Mr Hammond described the nation as “a country rich beyond imagination in natural resources but where the economic policies of Hugo Chavez, publicly supported by Jeremy Corbyn, have so tragically impoverished the country that it can longer feed its people,” adding the current state of inflation is “over 1,000 per cent” while the South American state’s growth “will fall for the fourth year in a row.”

The Chancellor went on to claim Mr Corbyn’s “failed ideas, dredged up from a bygone era” threatened “not only our economic progress but our freedom as well.”

He added Labour were “a party taken hostage by a clique of hard-left extremist infiltrators – people who despise our values and talk down our country.”

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