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Venezuela can't, at least not without seriously hurting itself which would presumably hurt Chavez' domestic popularity. Its production is down, its consumption is up (courtesy of very heavily subsidized oil prices). And it's current aid program of at cost supply of 80,000 bd to Cuba, 30,000 bd to Nicaragua plus smaller amounts of politically motivated aid is already a significant expense -  more than the US spends on Iraq plus Afghanistan as a percentage of GDP.  On the other hand, the two biggest Latin American economies, Brazil and Mexico, don't import oil. Note that for Nicaragua this subsidy is absolutely huge as a percentage of GDP - $100x30kx365 = just over a billion dollars a year or almost one fifth of its 2006 GDP.
by MarekNYC on Mon May 26th, 2008 at 08:27:10 PM EST
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Mexico

Yet.

"It is not necessary to have hope in order to persevere."

by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Thu May 29th, 2008 at 12:28:26 AM EST
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Mexico is going the way of Indonesia, and Brazil doesn't import oil because in the 1970's it made a national push to ethanol.

When the capital development of a country becomes a by-product of the activities of a casino, the job is likely to be ill-done. — John M. Keynes
by Migeru (migeru at eurotrib dot com) on Thu May 29th, 2008 at 04:06:28 AM EST
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