this post was submitted on 28 May 2024
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My brother in Christ, Venezuela entered in selective default in 2017 and lost the chance to refinance when their own government overleveraged PDVSA's companies overseas to steal this money using the excuse of social programs and export the revolution to south America.
The currency was devaluated to oblivion by the own government of Chavez and Maduro when over printing Venezuelan Bolívares to the point where sixteen zeros had to get removed from the paper to have normal bills. This was before the sanctions.
Ultimately the decriminalization of hard currency in Euros and dollars overtook the streets with both money laundering and foreign family remittances and this is what really has that economy going, not redistribution of oil tax wealth, as for over 800 days with inflation of over 100% a year, no salaries have been increased nor minimum wages adjusted.
Oversimplification of the facts on this post do not transfer to the dire Palestinian crisis nor excuse the responsibility of Chavez and Maduro's legacy of destruction, division of families and liquefaction of pensions and salaries.