Venezuela about to run out of reserves

CNN reports:

only has $10.5 billion in foreign reserves left, according to its most recent central bank data.

For rest of the year, Venezuela owes roughly $7.2 billion in outstanding debt payments.

In 2011, Venezuela had roughly $30 billion in reserves. In 2015, it had $20 billion. The trend can’t persist much longer, but it’s hard to know exactly when Venezuela will run completely out of cash.

The miracle of socialism. They have gone from the highest standard of living in Latin America to:

  • poverty rate of 80%
  • 1,000% inflation
  • 10% reduction in GDP annually
  • a reduction in companies from 13,000 to 4,000


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