October 29, 2015

Dictator Watch - Venezuela 2015

I haven't posted a Dictator Watch in quite some time.  In the case of Venezuela, since the passing of Hugo Chavez, I haven't paid as much attention. Yet they are no less a socialist overlord driven society than before.

But their socialist 'utopia' is apprently, and not shockingly, struggling for cash.
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.
So it would seem that socialism in Venezuela cannot survive the fall in oil prices.
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