Frosty Relations

November 2007 | Ratings Update

Venezuelan President Hugo Chávez has 'frozen' bilateral relations with Colombia over the decision to end his mediation role with leftist paramilitary group the Fuerzas Armadas Revolucionarias de Colombia (FARC). The Venezuelan leader accused his Colombian counterpart Álvaro Uribe of lying about the reason of the failure in talks in order to avoid a peaceful solution. The souring of relations between Bogotá and Caracas is not uncommon - Chávez recalled his Colombian ambassador in 2005 following a similar dispute - and we do not expect much economic fall-out from the tension. That said, our short-term political risk rating has edged slightly

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