Venezuela Facing Debt Crisis

Oct 16, 2017

Nicolas Maduro’s socialist dictatorship in Venezuela is facing a major debt crisis at the end of October with over $3.5 billion in debts coming due. There appears to be no way the necessary payments can be made since sanctions imposed by the United States have severely limited the country’s access to financial institutions in order to borrow more money.

It is expected that Maduro will try to kick the can down the road by postponing some payments with the promise of further reducing imports. However, this means less food available for the citizens of Venezuela. Most of them are already struggling to get three meals a day for themselves and their children.