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Venezuela bondholders inch toward showdown

Friday, May 19, 2017

Socialism drained Venezeula of its vast oil wealth

As Venezuela continues to implode, with riots and looting and increasing reports of starvation, let’s take a moment to note that it was once the richest nation in Latin America, with vast oil reserves and an educated, productive workforce. So what happened? “Venezuela is a country in crisis. Protesters that are opposed to the socialist government are being killed, and Venezuelan citizens are starving to death,” reports Forbes magazine. “A humanitarian disaster is unfolding that has been in the making for years. The current crisis can be traced to the historical management of the country's oil industry.” More…

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