November 16, 2017
Venezuela Default.
On November 16, 2017, Venezuela declared a state of national bankruptcy. Venezuela had been experiencing economic difficulties for some time, and this default was the result of these difficulties.
Venezuela began to experience economic difficulties after Nicolas Maduro became president in 2013. President Maduro continued the socialist policies of former President Chavez, including nationalizing the oil industry and implementing excessive free education, medical welfare policies. However, these policies had the opposite effect, and the Venezuelan economy deteriorated rapidly. The so-called “hyperinflation” situation, where severe inflation that was uncontrollable, occurred, and the Bolivar, Venezuela’s domestic currency, became virtually worthless.
#History #Venezuela #Nov16 #default
November 16, 2017
Venezuela Default.
On November 16, 2017, Venezuela declared a state of national bankruptcy. Venezuela had been experiencing economic difficulties for some time, and this default was the result of these difficulties.
Venezuela began to experience economic difficulties after Nicolas Maduro became president in 2013. President Maduro continued the socialist policies of former President Chavez, including nationalizing the oil industry and implementing excessive free education, medical welfare policies. However, these policies had the opposite effect, and the Venezuelan economy deteriorated rapidly. The so-called “hyperinflation” situation, where severe inflation that was uncontrollable, occurred, and the Bolivar, Venezuela’s domestic currency, became virtually worthless.
#History #Venezuela #Nov16 #default