New academic article, hot off the presses (PDF here, summary below)
Owing to generalised participation in Petrocaribe and increasingly also the Bolivarian Alliance for the Peoples of Our America (ALBA), the destinies of certain Caribbean states have rarely been so intertwined. Yet, with Venezuela – the undeniable lynchpin of these schemes – shaken by violent unrest, there is a real threat to continuation of the generous funding that it provides. Indeed, because ALBA and Petrocaribe funding is channelled largely through parallel governance structures centred on the state oil company PDVSA, this threat is even more significant than many realise, albeit not as imminent as suggested by foreign media. With few alternative donors or investors lining up to replace the support offered by Venezuela, Caribbean recipients of Venezuela’s special and differential treatment must think carefully of about how to respond to the current crisis.