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Strategist
2017 Nov 4, 9:53am
Strategist
2017 Nov 4, 9:53am
Another socialist dictatorship bites the dust. It's amazing how a country with the world's largest oil reserves becomes such a basket case, and yet many think it's the USA that is going down the tubes.
#politics Venezuelan President Nicolas Maduro finally admitted his government can't afford to pay all of its mounting bills.
Maduro said in a televised speech Thursday that Venezuela and its state-run oil company, PDVSA, will seek to restructure their debt payments.
The oil company made a $1.1 billion payment on Thursday, he said, a sizable amount for a country with only $10 billion left in the bank. "But after this payment, starting today, I decree a refinancing and a restructuring of the external debt," Maduro told the country.
Venezuela is already deep into a humanitarian crisis, with people suffering from food and medical shortages. Many can't afford to buy basic items because prices are skyrocketing faster than wages. The country's currency, the bolivar, is worth less than a tenth of a U.S. penny.