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Reuters
A cash-strapped Venezuela leans on scrap exports to raise hard currency
On the outskirts of the eastern Venezuelan port town of Guanta, hundreds of trucks line up everyday to unload tons of scrap metal, part of the government’s attempt to turn waste into a source of foreign currency. The gathering and sale of scrap has been booming due to the financial needs of President Nicolas Maduro’s administration, crippled by low oil production as a result of years of under-investment in the industry and obstacles to selling its most lucrative export due to U.S. sanctions. “Venezuela is going to get lighter, because they’re removing all the scrap,” said Douglas Lugo, a truck driver on the outskirts of Guanta who used to work in the oil industry before he started to transport scrap material.
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