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Corruption Panel Speech

Venezuelan geologist and former representative for Transparency International Gustavo Coronel describes the ongoing corruption of the Venezuelan petro state. In the last 15 years, the Venezuelan oil industry has generated a revenue of $1.5 trillion dollars, only 20% of which has been invested into state infrastructure; the remainder has lined the pockets of the chavista regime. Coronel warns that the worst is yet to come, affirming that if Venezuelan oil prices continue to decline as expenditures increase, the state of Venezuela will find itself in an increasingly difficult situation.

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