Venezuela'a foreign exchange reserves stand at less than $12 billion [1]. They pay over 15% of that this month to bond holders [2].
This makes no sense until one considers that the bond holders might be regime insiders. Venezuela is a state structured to maximise the transfer of wealth from the many to the few.
Shockingly, as recently as 2004 Venezuela boasted fair elections [3]. The degree to which Venezuelans are to blame for their predicament (and the related probability that they will recreate it in spite of aid) is a difficult moral question.
This makes no sense until one considers that the bond holders might be regime insiders. Venezuela is a state structured to maximise the transfer of wealth from the many to the few.
Shockingly, as recently as 2004 Venezuela boasted fair elections [3]. The degree to which Venezuelans are to blame for their predicament (and the related probability that they will recreate it in spite of aid) is a difficult moral question.
[1] https://www.stratfor.com/analysis/venezuela-new-roadblock-re...
[2] http://www.chicagotribune.com/news/sns-wp-blm-venezuela-602c...
[3] https://en.m.wikipedia.org/wiki/Venezuelan_recall_referendum...