Once you run out of OPC (Other People's Cash) to support it, socialism crashes and burns. President Maduro is in China to beg for more cash and on his way to the Mideast to beg fellow OPEC members to slash their oil exports in order to shore up the price of his Venezuelan oil exports. If it wasn't so tragic (and predictable) it would be funny:
Venezuelan leader turns to China amid oil collapse - Yahoo Finance
Caracas (AFP) - Sliding oil prices have sent Venezuela on a downward spiral -- and sent President Nicolas Maduro on a trip to China to make an urgent appeal for cash...
Venezuela was already mired in economic woes before oil began its recent slide, but the sharp downturn in crude prices -- which hit five-and-a-half-year lows Tuesday -- has been especially punishing for a country that relies on oil for 96 percent of its foreign currency...
Numerous economic analysts have warned that Venezuela is on the brink of a debt default, struggling to pay its bills while maintaining its lavish subsidies, oil discounts to allies and rigid system of foreign exchange controls.
The South American country is estimated to have the largest oil reserves in the world but depends largely on imports for basic goods, including food and medicine...
But late deliveries of some oil shipments and the lack of a "clearly necessary structural adjustment plan" mean China may be hesitant to increase its backing...
Maduro's popularity rating has tumbled to 22.6 percent, and 86 percent of Venezuelans have a negative view of the country's current situation, according to a recent poll.
Economists say Venezuela is facing an imminent devaluation of the bolivar currency, propped up by exchange rate controls since 2003.
But that would only increase prices for already scarce imported goods in a country where gasoline costs $0.02 a liter ($0.08 a gallon) but a bottle of water costs $2.
Venezuelan leader turns to China amid oil collapse - Yahoo Finance
Caracas (AFP) - Sliding oil prices have sent Venezuela on a downward spiral -- and sent President Nicolas Maduro on a trip to China to make an urgent appeal for cash...
Venezuela was already mired in economic woes before oil began its recent slide, but the sharp downturn in crude prices -- which hit five-and-a-half-year lows Tuesday -- has been especially punishing for a country that relies on oil for 96 percent of its foreign currency...
Numerous economic analysts have warned that Venezuela is on the brink of a debt default, struggling to pay its bills while maintaining its lavish subsidies, oil discounts to allies and rigid system of foreign exchange controls.
The South American country is estimated to have the largest oil reserves in the world but depends largely on imports for basic goods, including food and medicine...
But late deliveries of some oil shipments and the lack of a "clearly necessary structural adjustment plan" mean China may be hesitant to increase its backing...
Maduro's popularity rating has tumbled to 22.6 percent, and 86 percent of Venezuelans have a negative view of the country's current situation, according to a recent poll.
Economists say Venezuela is facing an imminent devaluation of the bolivar currency, propped up by exchange rate controls since 2003.
But that would only increase prices for already scarce imported goods in a country where gasoline costs $0.02 a liter ($0.08 a gallon) but a bottle of water costs $2.
