Is Venezuela on the Cusp of Default?
Venezuela has been wrecked by an expansive socialist regime, soaring consumer prices, triple-digit inflation, product shortages, rampant inflation, low oil prices and a dwindling economy. Venezuela was an oil-rich country with a sovereign fund, but under its previous leader Hugo Chávez, the country spent billions to finance expensive social programs and infrastructure projects. Before oil prices fell, Venezuela received around 95% of its export earnings from the petroleum industry. Ironically, the socialist country may be working with Wall Street to prevent a further economic collapse, as Venezuela could default on its bonds. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]
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