CNN: Venezuela's cash could run out 'within a year'
Venezuela is running out of money and time.
The country's central bank only has $11.9 billion in reserves, down sharply from $30 billion in 2011. A few large debt payments are coming due soon. Starting in October, Venezuela owes a total of $4.7 billion in a series of payments.
Venezuela is in the midst of a deep economic, political and humanitarian crisis. Its citizens are suffering from massive food shortages and hospitals lack basic medicine and equipment. Experts say Venezuela has prioritized paying the debt over dealing with the shortages.
"Within a year they're going to run out of money," says Russ Dallen, an expert on Venezuela's debt and managing partner at Caracas Capital, an investing firm in Miami. Dallen pointed out that the country has been almost "suicidal" in its focus on making debt payments
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WNU Editor: When that point is reached (i.e. when Venezuela runs out of cash) is when those who support Venezuelan President Maduro will start to hurt. And when they start to hurt .... that is when I expect the fireworks to start.
1 comment:
Saudi Arabia bailed out Egypt for a time.
Maybe Iran can bail out Venezuela. After all there are direct flight between Caracas and Tehran.
How bad do the Ayatollahs want their bridgehead?
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