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China and Russia loaned billions to Venezuela — and then the presidency went up for grabs

2019-02-08 12:38:48       source:CNBC

Feburary 7, 2019

Venezuela is in the middle of a power struggle at the highest level, and that could mean trouble for its two biggest foreign allies: China and Russia.

The socialist petrostate is home to the largest oil reserves on the planet, but endemic corruption has devastated its economy. Beijing and Moscow have helped the country stave off collapse by repeatedly extending financial lifelines — to the tune of tens of billions of dollars over the last decade.

For the most part, those oil-for-debt swaps were good for all parties involved. But that may be changing.

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