Maduro faces financial nightmare in Venezuela — just in time for Halloween

The Miami Herald ^ | October 12, 2017 | Antonio María Delgado

[2ndDivisionVet]

With its coffers empty and its financial moves restricted by U.S. sanctions, Venezuelan President Nicolás Maduro’s government is facing a nightmarish scenario with the approach of Halloween, when a series of debt payments totaling more than $3.5 billion are due.

Analysts said the government will do everything possible to make the payments, even if it means further cuts in already reduced food imports, which would deepen shortages in a country where a majority of people cannot get three meals a day.

But a default cannot be ruled out because of the precarious state of the country’s finances, the low level of reserves and the reluctance of strategic allies like Russia and China to continue lending money to Venezuela.

The Venezuelan government faces a string of small payments due this month, such as the $28 million owned by the state-owned Caracas electricity company.

“The truly hellish week will come around Halloween, the 27th, when they basically have to pay $1 billion and then Nov. 2, when they will have to pay another $1.2 billion,” said Russ Dallen, managing partner at Caracas Capital....

[Track9]

I’m sure there’s plenty of money in Maduro’s and his cronies off shore bank accounts.

[SES1066]

I’m sure that they will get plenty of money from their friends here in the USSA, Danny Glover, Bernie Sanders and all of the other supporters of Socialism. Right?

Dame Margaret Thatcher Feb.5th, 1976; “...SOCIALIST GOVERNMENTS TRADITIONALLY DO MAKE A FINANCIAL MESS. THEY ALWAYS RUN OUT OF OTHER PEOPLE’S MONEY. It’s quite a characteristic of them. They then start to nationalise everything, and people just do not like more and more nationalisation, and they’re now trying to control everything by other means. They’re progressively reducing the choice available to ordinary people.”

[SharpRightTurn]

Maybe Bernie Sanders will loan it to them.

[Gen.Blather]

I read recently that one of the government’s poverty reduction programs required the state owned oil company to more than double its local employment. It is employing people who have no work to do. The impact of this is to make Venezuelan oil the most expensive oil in the world. They are now importing oil rather than using their own as it is cheaper. It would take one heck of an oil price increase to set things right in Venezuela. I suspect $200 per barrel wouldn’t do it.

As for loaning them money it would be worse than loaning money to Greece. As long as they can get money they will continue the disastrous policies that got them into this situation in the first place. Like an alcoholic, they must first hit rock bottom before they can decide to recover.

I saw video of Chavez walking through a town and saying, “Nationalize this,” time and time again as he looked at private companies and little shops. All right Bernie supporters, this is what you are asking for.

[samtheman]

Maybe Michael The Fat can make a documentary proving that life in Venezuela is way way way way better than life in the USA.

[kearnyirish2]

The title is a bit puzzling; are Venezuelans one of those countries that have lamely started celebrating Halloween to copy Americans?

[texas booster]

But a default cannot be ruled out because of the precarious state of the country’s finances, the low level of reserves and the reluctance of strategic allies like Russia and China to continue lending money to Venezuela.

I noticed the article blamed US Sanctions for the economic pain, but I believe the problem lies in the fact that the Government of Venezuela STOLE (nationalized) billions of dollars of foreign factories, refineries and other investments.

Many capitalist countries continue to do business there along with all of the socialist countries, so why cry about the US government?

[eyeamok]

Why hasn’t Bernie and Hillary ran down there to show them how socialism is supposed to work

[Bon mots]

^{This quote is actually still on that idiot's website! Click to see it. (Last paragraph on the page.)}

[Doctor DNA]

Hijastro de Maduro presidente Venezuela se pasea en Ferrari por Mónaco
- https://www.youtube.com/watch?v=55CsexK1acU

If they really needed it, they could borrow a few billion from the Chavez’s stash.