Venezuelan President Nicolas Maduro issued solidarity with the Greek people and their Prime Minister Alexis Tsipras Tuesday, after the announcement to default on loans from European creditors.
“I would like to officially express solidarity to Prime Minister Tsipras and to the Greek people on behalf of Venezuela,” Maduro stated during his weekly television program.
Related: Greece's Economic Crisis for Dummies
Maduro’s remarks followed Greece’s decision to become the first “developed economy” to default on a loan with the International Monetary Fund, after the Mediterranean country missed a Tuesday deadline to pay repay US$1.8 billion.
Greece will hold a referendum Sunday to determine whether people approve or reject the terms set out by creditors, which include tax increases and cuts to pensions.
“The Greek people have known about democracy for over 2000 years and the Greek people are going to respond with democracy,” Maduro stated.
The Venezuelan leader went on to encourage the Greek government to abandon the economic policy prescriptions imposed by the the troika, which is comprised of the International Monetary Fund (IMF), the European Central Bank and the European Commission.
Maduro also highlighted Latin America’s progress in economic growth through the creation of institutions such as “PetroCaribe, which have facilitated social, economic stability, shared progress and solidarity.”