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.
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.