It is a point of honour for the Venezuelan government that despite the sharp plunge in oil prices and acute shortages of goods, President Nicolas Maduro has ruled out austerity measures.
In a recent TV interview with former vice president Jose Vicente Rangel, Venezuelan Central Bank president Nelson Merentes explained why, saying: “Do you remember what happened on February 27, 1989?”
President Nicolas Maduro at International Workers' Day celebrations in Caracas, May 1.
Braving the heat, more than 100,000 Venezuelans flooded the streets of Caracas on May 1 to commemorate the International Workers' Day and gains for working people under the Bolivarian Revolution.
President Nicolas Maduro of Venezuela began his visit to Panama City for the Summit of the Americas with a visit to the impoverished neighbourhood of El Chorrillo to lay a wreath at the monument to those killed by the US bombing of the community during the 1989 US invasion of Panama.
The seventh Summit of the Americas, held in Panama City on April 10 and 11, was widely hailed as a victory for left-leaning and progressive forces in the region, particularly Venezuela and Cuba.