Well, it was obvious that they were never going to pay it back. The real question is; what's going to happen to them now?
While it's still in process there are a number of things that will happen. Oil shipments and Venezuelan overseas assets will be seized. Almost all loans will cease. If Venezuela does not figure out a way to fund its army, a military coup or a civil war is likely.
remember while neither is the mythic "real socialism," that has never and will never occur because the "proletariat" or rather the working class has no interest in socialism, Venezuela's brand of "State Socialism" is virtually the same as the "Democratic Socialism" Bernie Glassberg was pushing during the democratic primary before he bowed down to clinton. He even praised Venezuela when their government started all this nonsense and cited them as the kind of country and government we should be working towards in the US.
It couldn't last forever.. Better it all come down as soon as possible so the survivors can rebuild.>>89079
>>89079>Venezuela's falling crude oil imports are a 'huge red flag' that could shock the market
Largest proven oil reserves, and look what Hugo Chávez did to Venezuela. Socialism is a hell of a drug.
They have a lot of oil, although it is low-quality tar-sand oil that needs to be processed quite a bit before it's useful to anyone. Under proper management, it those resources could've built a strong lasting economy, but socialist economies aren't sustainable. As soon as the price of oil started falling, so did their quality of life.
It's a lack of diverse economy. Saudi Arabia has been going through the same thing as well, now they are paying the price.
Checking figures real quick, Venezuela "owes" somewhere around 250 times it's current total governmental assets to the kike scum. It appears that when judeo-communism spreads using the "liberations" of equality & free money lies, a country's first ten problems snowball faster than the attempts to control them. This last problem, that of country wide mono-industries, has been in place just long enough that the first necessary repairs OF said industry also bankrupted the country. Something to think about the next time someone spouts off how judeo-communism or it's descendants are better.