If there can't be a Capitalist Government and there can't be a Socialist Government, that means that there can't be a Socialist Country go belly up, now doesn't it Dorathy (and your little dog too). Now, if a country fails as a Republic or a Fascist or a Dictatorship or a Oliarchy because it went broke because it chose to utilize the wrong economic system by either going too far as a Capitalist or Socialist then, yes, then it could be said. But the fact remains, there are NO Socialist Governments, and never have been. The problem Venzeuala had was it was going broke because it was being run into the ground in the 2000s by corrupt Capitalists where the leaders were just raking it in and then it was replaced by an equally corrupt Oliarchy that allowed corrupt Social Programs that started out good under Chavez but when he died, Maduro turned it into the same corrupt thing that it was when it was under Capitalism. What did the two have in common that made both of them fail? Corruption. The old Federal Republic that served so well for so long that finally failed in Venzeuala failed because of corruption. The Oliarchy that failed in the 2000s failed because it turned to corruption when Chavez died and Meduro took over.
Again, there are NO Socialist Governments that can exist EVER. Socialism, like Capitalism, is an economical system, not a governing system. Name one country that is or was a Socialist Country that has existed or does exist now. Careful. You will be graded.