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Venezuela reveals $240B in debt it cannot pay (~$100B more than expected)

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Re: Venezuela reveals $240B in debt it cannot pay (~$100B more than expected)

#11

Post by cs702 »

hungryhobbit wrote: post #3
cs702 wrote: post #2

According to the Financial Times, it will be the world’s largest debt restructuring.[a] Venezuela's economy has been a disaster for many years.[b] Surely I'm not the only one wondering: Where did all that borrowed money go? If any of it had been spent to buy goods and services inside Venezuela, it would have led to at least some business formation and activity. Instead, there's only been business destruction and cons…

Corruption.

Obviously, but $240B is a lot of money for a country with only 9M households, so, around $27K/household. It's an "accomplishment" of sorts to blow up in smoke that much money per household, with nothing to show for it. How the heck did they do that?

Re: Venezuela reveals $240B in debt it cannot pay (~$100B more than expected)

#12

Post by [deleted] »

adjejmxbdjdn wrote: post #4

Smart move to acknowledge this and go for the debt restructuring while the current U.S. president sees Venezuela as his major foreign policy win. The government will be able to leverage that to get the U.S. government to push for far more favorable terms for Venezuela than it ever would have otherwise.

[deleted]

Re: Venezuela reveals $240B in debt it cannot pay (~$100B more than expected)

#13

Post by sourcegrift »

adjejmxbdjdn wrote: post #4

Smart move to acknowledge this and go for the debt restructuring while the current U.S. president sees Venezuela as his major foreign policy win. The government will be able to leverage that to get the U.S. government to push for far more favorable terms for Venezuela than it ever would have otherwise.

Like him or hate him, Venezuela has been quite literally a fabulous win.

Re: Venezuela reveals $240B in debt it cannot pay (~$100B more than expected)

#14

Post by legitster »

adjejmxbdjdn wrote: post #4

Smart move to acknowledge this and go for the debt restructuring while the current U.S. president sees Venezuela as his major foreign policy win. The government will be able to leverage that to get the U.S. government to push for far more favorable terms for Venezuela than it ever would have otherwise.

It's really absurd how well the Maduros kidnapping plan worked. Without even changing the party in power, Trump can pretend Venezuela is reformed and do all of the economic normalization a liberal president never would have gotten away with.

But the back-to-back policy disasters are otherwise a good reminder that a broken clock is only right twice a day.

Re: Venezuela reveals $240B in debt it cannot pay (~$100B more than expected)

#15

Post by throwitaway222 »

ceejayoz wrote: post #9
throwitaway222 wrote: post #6

Earlier quoted context omitted.

[flagged]

Definitely doesn't happen under capitalism, right? Remind me again what the current President's net worth has done recently?

I'm 100% fine with moving almost all government payments to a system where elected officials need to sign off before a payment is made. As long as he/she is willing to be responsible for the fraud that takes place. And I will walk Trump to jail when this happens, just as I walk the names I posted to jail too.

And no, in PURE capitalism, it doesn't happen. It's just that we have too much socialist shit. In pure capitalism, every dollar that is lost to fraud is going to be looked at by investors and scrutinized. And besides it will have only affected the company that did it, not the country and not the voters and tax payers.

Re: Venezuela reveals $240B in debt it cannot pay (~$100B more than expected)

#16

Post by 55555 »

cs702 wrote: post #11
hungryhobbit wrote: post #3

Earlier quoted context omitted.

Corruption.

Obviously, but $240B is a lot of money for a country with only 9M households, so, around $27K/household. It's an "accomplishment" of sorts to blow up in smoke that much money per household, with nothing to show for it. How the heck did they do that ?

1. Dictator gets loans for his country 2. Dictator puts the money in his Swiss bank account 3. Government is overthrown 4. The populace has to pay off the debt

Perhaps him being in custody will lead to some of the money being found and returned.

Re: Venezuela reveals $240B in debt it cannot pay (~$100B more than expected)

#17

Post by JumpCrisscross »

cs702 wrote: post #2

According to the Financial Times, it will be the world’s largest debt restructuring.[a] Venezuela's economy has been a disaster for many years.[b] Surely I'm not the only one wondering: Where did all that borrowed money go? If any of it had been spent to buy goods and services inside Venezuela, it would have led to at least some business formation and activity. Instead, there's only been business destruction and cons…

“Investors have previously estimated that Venezuela also owes $30bn-$50bn to oil companies and trade creditors for unpaid invoices and more than $20bn in legal claims awarded to companies after Chávez’s regime expropriated their property.

Venezuela has also been estimated to owe $10bn-$20bn to China in debts that Caracas previously paid from oil exports but is believed to have stopped servicing, about $6bn to Russia, and $4bn to development banks” (FT).

Re: Venezuela reveals $240B in debt it cannot pay (~$100B more than expected)

#18

Post by [deleted] »

BurningFrog wrote: post #7
cs702 wrote: post #2

According to the Financial Times, it will be the world’s largest debt restructuring.[a] Venezuela's economy has been a disaster for many years.[b] Surely I'm not the only one wondering: Where did all that borrowed money go? If any of it had been spent to buy goods and services inside Venezuela, it would have led to at least some business formation and activity. Instead, there's only been business destruction and cons…

In a dictatorship, the money goes to the dictator and his friends.

[deleted]

Re: Venezuela reveals $240B in debt it cannot pay (~$100B more than expected)

#19

Post by nwah1 »

cs702 wrote: post #11
hungryhobbit wrote: post #3

Earlier quoted context omitted.

Corruption.

Obviously, but $240B is a lot of money for a country with only 9M households, so, around $27K/household. It's an "accomplishment" of sorts to blow up in smoke that much money per household, with nothing to show for it. How the heck did they do that ?

Look up the lifestyle of Hugo Chavez's daughter, or the family of Tareck El Aissami, or the Narconephews affair, or the Cartel of the Suns.

Re: Venezuela reveals $240B in debt it cannot pay (~$100B more than expected)

#20

Post by micw »

BurningFrog wrote: post #7
cs702 wrote: post #2

According to the Financial Times, it will be the world’s largest debt restructuring.[a] Venezuela's economy has been a disaster for many years.[b] Surely I'm not the only one wondering: Where did all that borrowed money go? If any of it had been spent to buy goods and services inside Venezuela, it would have led to at least some business formation and activity. Instead, there's only been business destruction and cons…

In a dictatorship, the money goes to the dictator and his friends.

Talking about Venezuela, US or both?
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