Venezuela and its debt

Venezuela is a contradiction as a country. It has the largest oil reserves in the world, an amazing amount of beauties, and overwhelming inflation, interest rates and debt. It is currently only one of two countries, along with Mozambique, that wasn’t able to make it bond payments. This is just part of the problem with Venezuela. They were a victim of the oil boom and bust, expanding rapidly but losing once the market went belly up with the boom of the natural gas and fracking industry. The government is now stuck in a place where it has great possibilities but no money to take advantage of it.


http://www.economist.com/news/finance-and-economics/21732808-venezuela-exception-rule-countries-rarely-default-their-debts?fsrc=rss%7Cfec