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Venezuela bondholders inch toward showdown

Wednesday, May 10, 2017

Venezuela has the world’s largest oil reserves, but its people are starving. Here’s why.

Imagine a country that is so poor, the average person has lost 19 pounds, not by choice, but by mass starvation. It’s not North Korea or Ethiopia. It’s what should be the richest country in the world, Venezuela. Venezuela has the largest oil reserves on earth: 300 billion barrels. That’s more than Saudi Arabia. That’s nearly ten times the amount of oil reserves in the United States. Nearly double what we have in our oilsands. Venezuela is not naturally a backwards country. It's got 95 per cent or so literacy rates. It’s got skyscrapers. More…

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