Networked Notes - 14 June 2016

Venezuela’s government has ended its two day workweek, a sign the electricity crisis is easing. Public sector employees will now return to work for half days on Wednesday, Thursday, and Friday of every week. Government officials declared victory. The extreme measures taken prevented Venezuela’s electricity grid from completely collapsing. However, that is a low bar for success.

February 2016 in Argentina

President Mauricio Macri is pushing forward with his agenda to change several government policies, especially with respect to economy. The Macri administration has been working closely with Mediator Daniel Pollack to resolve the holdout hedge funds problem and regain access to global financial markets. In February 2016, Argentina presented, for the first time, a formal offer to the “vulture funds” of US$6.5 billion -- the original amount claimed in 2010 when the dispute began, but 25 percent less than the US$9 billion ordered by New York Judge Thomas Griesa.