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Venezuela seizes GM plant as crisis escalates (STA BREAKING NEWS and ARCHIVES)

by Theresa @, Thursday, April 20, 2017, 17:48

Venezuela's seizure of a General Motors factory marks a step in the country's economic crisis that boosts risks to the remaining operations of other U.S. and multinational companies.

Amid turmoil punctuated by skyrocketing prices, unemployment, low oil prices and failed economic policies, the government seizure put an abrupt end to GM's operations -- a fate that other companies have faced.

"GM is not the first and they’re not going to be the last because the government of Venezuela is desperate for any assets they can take," said Peter Quinter, Miami-based chair of law firm GrayRobinson's Customs and International Trade Law Group. "It really is a vicious cycle they're in."

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