Venezuela, plagued with shortages of basic goods, was offered a reprieve by the Prime Minister of neighboring Trinidad & Tobago: exchange oil for tissue paper.Prime Minister Kamla Persad-Bissessar suggested an oil-for-tissue swap in a news conference Tuesday following a meeting in Port of Spain with Venezuelan President Nicolas Maduro. She said the deal would benefit both countries.“The concept of commodity sharing is simple -– the Government of Trinidad and Tobago will purchase goods identified by the Government of Venezuela from T&T’s manufacturers, such as tissue paper, gasoline, and parts for machinery,” Persad-Bissessar said.In Venezuela, which has the world’s largest oil reserves, citizens line up outside supermarkets for hours seeking a bag of clothing detergent, toilet paper or cooking oil. Price controls and a lack of dollars for importers have emptied stores of many basic goods, a situation Maduro blames on hoarders conducting an “economic war” against his socialist government.[…]Persad-Bissessar presented the swap proposal as a win-win opportunity for the two nations, separated by an 11-kilometer (6.8-mile) strait off Venezuela’s northeast coast.Tissue paper and other goods “would then be traded for commodities that are needed for our industries –- in particular bitumen and crude oil -– which can be supplied by Venezuela,” she said, adding that “this proposal is at an planning stages, and we recognize that a monitoring mechanism would be key to its success.”
Thank You Bloomberg and Dapandico.