Venezuela is to all intents and purposes in default, and with investors unwilling to deal with the current administration led by President Nicolás Maduro, there is a growing consensus that the situation can only be resolved with a change of government. Canada and the European Union (EU) are increasing sanctions pressure, with Argentina’s President Mauricio Macri directly calling on the US government to impose a full oil embargo on Venezuela. Maduro does not appear to have a plan other than to buy time and deflect blame towards the US.

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