Sagging oil prices have Venezuela virtually bankrupt

"PDVSA used to be the crown jewel in the Venezuelan economy, but since Chavez came to power in 1999 there's been tremendous mismanagement, tremendous corruption and lack of investment,” said Michael Shifter of the Inter-American Dialogue.  Larger market forces are also at play. Oil accounts for 96 percent of export revenues in Venezuela.  And Shifter says the global collapse of oil prices has Venezuela running on fumes. But how much does this problem have to do with the fact that oil prices have gone down so much,  and how much is it just about mismanagement and corruption? More…