UN Venezuela is bankrupt - What's the capital of Venezuela? About £4.50, I heard.

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http://www.bbc.co.uk/news/world-latin-america-41982069

International credit ratings agency Standard & Poor's has declared Venezuela to be in "selective default".

The ratings agency said the South American nation had failed to make $200m (£153m) in repayments on its foreign debt.

Venezuela's state-run oil company PDVSA has also been declared in default by rating agencies Fitch and Moody's.

The news came just hours after the government met investors in Caracas to try to renegotiate its debt.

Read: Venezuela's debt problem: To default or to pay

Standard & Poor's declares a "selective default" when a country has failed to pay one or more of its financial obligations when it came due.

In the case of Venezuela, the government of President Nicolás Maduro failed to make $200m in payments on two global bond issues by 12 November, when a 30-day grace period expired.

S&P says Venezuela is also overdue on four other bond payments worth a total of $420m but that the grace period has not yet expired on those payments.

Venezuela's total external debt, which also includes loans from countries like Russia and China, is thought to be as much as $140bn.

Hampered by sanctions
On Monday, government officials met with creditors in Caracas in an attempt to restructure its debt.

But creditors who attended the meeting told journalists that the 25-minute meeting ended without the government making any concrete proposals.

Instead, the head of the Venezuelan commission, Vice-President Tareck El Aissami, read a statement blaming sanctions imposed by the United States for Venezuela's difficulties in making the payments.

Mr Aissami, who has been accused of drug trafficking by the US, is himself on the list of Venezuelan individuals sanctioned by the US treasury department.

Participants in the creditors' meeting said at least one attendee left the room when it became clear Mr Aissami would be leading it.

Under the sanctions, no US citizen can do business with Venezuelan individuals on the list.

The sanctions also impose a ban on US entities buying any new Venezuelan debt issues, complicating the government's debt restructuring plan.

The Venezuelan government described the creditors' meeting as "a resounding success" and said that it would continue to service its debts.
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Who didn't see that coming. But of course, it's NOT TRUE COMMUNISM REEEEEEEEEE
 
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These days, the American dream is more apt to be realized in South America, in places such as Ecuador, Venezuela and Argentina, where incomes are actually more equal today than they are in the land of Horatio Alger
-Bernie Sanders
 
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What, are they just admitting it now? I mean sky's blue, water's wet, Venezuela's bankrupt.
 
We've known this for a while but every time I read it the death of that many minorities and commies warms my heart.
 
South America in general is just one giant failed experiment in leftist economic theories that's become so embarrassing that even the true believers are trying to forget its existence.
 
76LD910 said:
South America in general is just one giant failed experiment in leftist economic theories that's become so embarrassing that even the true believers are trying to forget its existence.
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During the Cold War one of the most popular Leftist movements (with numerous parties that had power) was Posadism which was created in Argentine.

It called for the Nuclear Annihilation of the Human Species saying that it was the only way for True Communism to exist.
 
Most who backed Posada did so just to pick up his followers and then integrate them into a more sensible brand of communism (i.e., just doomed to fail and make everyone poor, not fail, make everyone poor AND glow in the dark) Posadism left the scene within a decade of being formed and was defunct everywhere except Bolivia by the 70's and never had more than a few thousand members.

He was seen as a joke even among communists, a true useful idiot if ever there was one. I think he went even further off the rails in his later years by believing in every superscience conspiracy out there, aliens had visited earth, ESP experiments were real and successful, human-animal hybrids, the works.


Back on topic [communist]This failure of the Venezuelan state only proves that communism works! Why else would our enemies conspire as they have to destroy us so thoroughly? [/communist]
 
This is entirely self inflicted. Venezuela's shitty little socialist government was buoyed by its oil exports to the US. Then they went and joined OPEC and tried to strongarm the US, which caused the US to drill and frack its way into not needing Venezuela's oil anymore. Never, ever try to financially fuck America.
 
Trash Eater said:
This is entirely self inflicted. Venezuela's shitty little socialist government was buoyed by its oil exports to the US. Then they went and joined OPEC and tried to strongarm the US, which caused the US to drill and frack its way into not needing Venezuela's oil anymore. Never, ever try to financially fuck America.
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Fracking is one hell of an invention! It kills commies and hopefully hippies too!
 
ICametoLurk said:
During the Cold War one of the most popular Leftist movements (with numerous parties that had power) was Posadism which was created in Argentine.

It called for the Nuclear Annihilation of the Human Species saying that it was the only way for True Communism to exist.
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Based Posadas created the only form of working communism and don't you forget it. As soon as our xeno comrades show up in their UFOs they'll deliver us from the capitalist menace.
 
Uruguay still has a party of them but wanting to wipe out the Human Species via Nuclear Annihilation should be expected of a nation that only exists to tell people that they are faggots.
 
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