Venezuela is running out of money fast
and has started selling its gold. The cash-strapped country could default by
next year when lots of debt payments are due. Venezuela's reserves, which are
mostly made up of gold, have fallen sharply this year as the country needs cash
to pay off debt and tries to maintain its social welfare programs. Venezuela
owes about $15.8 billion in debt payments between now and the end of 2016. But
it doesn't have enough to make good on its payments. Venezuela only has $15.2
billion in foreign reserves -- the lowest amount since 2003. A lot of those
reserves are in gold. Less than $1 billion of Venezuela's reserves are in cash,
and it has a couple billion in reserves at the IMF. More…
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