Petro was created so venezuelan goverment can continue stealing the country's resources.

To truly understand the Petro you must understand the currency exchange control first.

Currency exchange control has been in practice for more than a decade in Venezuela, it means that venezuelans can't trade bolivares for any currency and don't have access to dollars, euros, etc unless the goverment sell them to the people or the people finds them in the black market

At first the goverment sold some dollars to the people, like 400 for a year to purchase on internet, 3000 if you travelled, but for some years the chance of getting dollars from the goverment is almost zero for regular people.

Because they usually gave those dollars to themselves by using fake companies, fake projects, etc.

So the goverment says that the value of the dollar is 6 and keeps that value for years, while the black market value rises and reaches 90, then some person linked to the goverment receives 1000 dollars for a fake project where he pays 6 bs per dollar and then the same day that person sells those dollars on black martket at 90.

For the people wondering how Venezuela, rich in oil, is at default, thats the explanation, its pretty simple actually.

They have been doing this for so much time that the dried venezuelan reserves while the people gets zero dollars and we get inflation rates of 10.000% ten thousands every two years.

So what happened?, USA banned Venezuela from using dollars in that tarde to stop the goverment to keep bankrupting the country and it worked as its not the same with other currencies, goverment coudnt use the currency exchange scheme anymore as they tried with rupees and yuans but it didnt work, for some months at least.

So they created the Petro

The Petro can't be farmed, it must be obtained by the very system that they used to assign dollars with the currency exchange control, but on top of that, it cant be bought with bolivares, they are trying to exchange dollars for Petros and then resell those dollars on the black market by using the same corrupted methods as before.

The Petro sole reason is to circunvent the US prohibition of using dollars in Venezuelan trades, so now they will still be able to use Petro to get cheap dollars for themselves and then will sel those on the black market again.

As a final word, its totally illegal by constitution for any goverment in Venezuela to sell natural resources, but since they went full throttle dicatorship they don't care about the constitution anymore, they are backing up Petro with oil reserves, that cannot be done by law, Petro have been declared illegal by the parliament but the dictatorship nulled the parliament long ago because it was of opposition majority.

Submitted February 26, 2018 at 01:16AM by Rohade http://bit.ly/2BPKpNZ