The Venezuelan government's decision to devalue its national currency, the bolívar, by 31.7% will have an uneven effect for Spanish companies with a presence there. Telefónica will be the most affected, because it was waiting to receive approval to send an equivalent of 2 billion euros in profits that it had risen in Latin America.
Companies such as BBVA, Mapfre and Duro Felguera were luckier, because they all operate in dollars and will not be affected as much by the changing currency value. In any case, Spanish companies in Venezuela are going to feel the pain of a failed populist model built on countless expropriations and fed with oil money. At this point, there are few arguments to believe in the country's future stability.
