Venezuela has the largest oil reserves on Earth, and Socialism managed to bankrupt it, and impoverish the bulk of the population.
But at least the top Party members got rich, and the pile of bodies isn't as high as usual (yet).
Posted on 11/12/2017 3:22:38 AM PST by BeauBo
Venezuela slipped inexorably towards a formal debt default Friday, with analysts saying it was all but inevitable for the sinking OPEC state... “One way or another, the government and PDVSA will default. We are in the end-game and it’s now become a matter of days, not weeks, until default is confirmed,” Edward Glossop of Capital Economics said in a note.
A default would immediately cut Venezuela off from international financial markets, removing its capacity to borrow. Greatly complicating its situation, Washington has banned it from any new debt transactions in the US market.
(Excerpt) Read more at dailytimes.com.pk ...
The Venezuelan State Electric Company just defaulted, and the State Oil Company (PDVSA) is holding a meeting Monday (13 Nov 17) to try to restructure their debt. A lot of their creditors won't even attend the meeting, because the Venezuelan officials attending are themselves under sanctions, such as Venezuelan Vice President Tareck El Aissami, as a drug kingpin.
When Venezuela defaults, their remaining overseas assets will be subject to seizure, such as their remaining half of Citgo, their interests in refineries, oil tankers and so on. Their revenues will crash, and they will have little ability to borrow. Since Venezuela produces very little of what it consumes and overwhelmingly relies on oil revenue to import stuff, much worse shortages will occur in Venezuela.
Also, Communist Cuba will no doubt suffer from the loss of subsidies that it got from Venezuela, in exchange for supporting the Venezuelan police and military organs of repression.
Life is hell for the people in this commie paradise.
It’s only going to get worse.
What a train wreck, another commie success story.
Where’s Sean Penn when Venezuela needs him?
If only everyone would realize that a communist dictatorship always makes the people poor and miserable.
——Where’s Sean Penn when Venezuela needs him?——
Oh’ that’s a really short list....
Bernie, JayZ Danny Glover, Micheal Moore, the black congressional causes, all the democrat unions. Etc.
Every single Hollywood socialist should be using their wealth to help Venezuela avoid default....
They need to fly down and not only share their wealth but be good comrades by working for the greater good of all the people showing us evil capitalism loving people how to do it...
Venezuela has the largest oil reserves on Earth, and Socialism managed to bankrupt it, and impoverish the bulk of the population.
But at least the top Party members got rich, and the pile of bodies isn't as high as usual (yet).
The Venezuelan situation gets my vote as the most under-reported story of the year.
This is the natural end-state that results from heading down the Socialst road, AKA The Road to Serfdom (and if you haven’t read Hayek, you should).
Line two above is the main reason for line one, I believe.
Leftists consistently deny facts antithetical to their worldview. Every one in your list will come up with some excuse as to why Venezuela failed, excepting collectivism.
You mean....looms again...
Tell that to US millennials who are in love with communism.
Does this mean people in New England won’t be getting free heating oil from VZ this winter?
No free heating oil but $5.cash exchange will buy enough Venezuela cash to burn all winter.
I thought that they were out of that too.
Honk your support as you pass by the Citgo station and buy gas elsewhere.
with analysts saying it was all but inevitable for the sinking OPEC state
Many of those millennials cannot even locate Venezuela on a world map.
Quite a success indeed. How can a country with so much oil go bankrupt? What an accomplishment!
They are taught in schools that socialism equals fairness. But they were never taught the connection between socialism and communism
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