SOCIALIST PARADISE: Venezuela Misses Nearly $600 Million In Debt Payments

The glorious flourishing of socialism continues in Venezuela.

Venezuela has missed almost $600 million in debt payments so far this month, deepening their already-horrific financial situation.

Until the weekend, Venezuela had already missed $349 million in bond payments. Then they missed two more payments worth a combined $237 million.

Despite having among the biggest oil reserves in the world, Venezuela’s socialist government has destroyed the economy. Now, they are at the point where they have to pick and choose which debt payments to make, and which ones to skip.

As noted by CNBC, “There is some consensus forming around the idea that Venezuela is squirreling away its pennies to make sure it is able to pay the $841 million in principal, plus interest, due on Friday on a bond issued by PDVSA, the state oil company. The collateral against the bond is Citgo, PDVSA’s Houston-based refining and retail subsidiary.”

Furthermore, “The following week, on Nov. 2, a nearly $1.2 billion PDVSA bond is maturing. Unlike the interest payments Venezuela has missed this month, the two major principal payments do not have grace periods.”

The fact that Venezuela is even in this situation is a total indictment of their terrible socialist leaders.

Real Socialism

As usual, pro-communist and pro-socialist SJW fools will say that Venezuela “isn’t real socialism.” Of course, according to socialist apologists, we’ve never seen “real socialism.” Yet, we know that Venezuela is the epitome of real socialism: Poverty, violence, suffering, centralized control by a small and oppressive elite, and a brutal suppression of freedom. That’s how socialism always goes, and that’s what we see in Venezuela.

Let this be a warning to all who think that massive centralization, high taxes, unlimited spending, authoritarian political correctness, and restrictions on basic economic freedom will end any way other than pain and suffering.

History has shown us the consequences of socialism, and Venezuela is showing us once again.

Spencer Fernando

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Cathie Reid
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Cathie Reid

Why the red baiting and cherry picked/out of context false equivalency socialism=Venezuelan experience=poor boogeyman? Unbridled neoliberal free market capitalism’s race to the bottom for privatized profit to the few and increasing poverty/economic marginalization and ecocide to the commons is a failed economic structure. Venezuela’s oil dependancy, trade factors and complex past and other geopolitical factors contributed to their current economic situation which is not directly attributable to it’s form of socialism…which has never been considered as full implementation of democratic socialism.
https://www.johnlaurits.com/2017/venezuela-socialism-propaganda-logic/

Ann
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Ann

Spencer, “Let this be a warning to all who think that massive centralization, high taxes, unlimited spending, authoritarian political correctness, and restrictions on basic economic freedom will end any way other than pain and suffering.” Wow, this is exactly what has been Happening with the Liberals in Canada! Nobody can deny the Similarity between Canada and Venezuela! I hope that Canadians wake up and OUST the Liberals ASAP! We CANNOT Wait!

Catanddog
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Catanddog

But Trudeau’s real socialism will be different because of Trudeau! Yes, that is probably how Canadian socialists understand economics. With the right person leading, socialism will work.

alan skelhorne
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this is already starting in canada fernando, trudeau is killing the economy, and george soros is behind it, once the economy is gone, whats left to do in this country. trudeau will have complete control of the people. we will have to do what he says. then we will see his people turn on each other. wow, a once great country that has been respected around the world, will be another cesspool. thanks to the global elitest. very sad days for sure.

jack grandville
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This could well be a picture of Canada as this government progresses through their term of feeling and clearly demonstrating absolutely NO respect for Canadian citizens.